Petroleum Africa
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Tuesday, May 28, 2024
Press Release
Tullow has formalized a strategic partnership with the Ghana Forestry Commission to implement a high-integrity, jurisdictional-based Reduced Emissions from Deforestation and Degradation (REDD+) program.
This program is an important milestone on the road to achieve Tullow’s 2030 Net Zero target for Scope 1 and 2 greenhouse gas (GHG) emissions (on a net equity basis). The primary focus of Tullow’s Net Zero strategy is on decarbonizing its operated production facilities in Ghana in order to eliminate routine flaring by the end of 2025. Residual, hard-to-abate emissions, will be mitigated by Tullow’s investment in high quality, nature-based solutions in the form of a REDD+ program through a partnership with the Forestry Commission of Ghana, which is responsible for the sustainable management of Ghana’s forests and wildlife.
The program will focus on c.2 million hectares of land across 14 priority districts in the Bono and Bono East regions, which are among the areas most affected by deforestation due to economic activities such as cash crop clearance and overgrazing.
Through the signing of the Emissions Reduction Purchase Agreement (ERPA) yesterday (23 May 2024), Tullow is supporting conservation and afforestation efforts of the Ghana Forestry Commission into the next decade. The program will deliver up to 1 million tonnes per annum of certified carbon offsets under the Architecture for REDD+ Transactions standard, with the first offsets expected to be delivered within three years.
Overall, the project is expected to positively impact the lives of over 1 million residents by working closely with communities to design alternative economic livelihoods, implement forest conservation and restoration governance structures and create sustainable, long-term employment in the region.
The initiative also directly supports Ghana’s National REDD+ strategy and will be managed under the Ghana Forestry Commission’s Climate Change Directorate, aligning with leading carbon and social and environmental standards.
Ghana’s Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, praised the partnership during the signing ceremony in Accra, stating: “Undoubtedly, the ERPA we have signed with Tullow, represents a key Voluntary Carbon market transaction, which is very unique, as it promotes direct Government and Private Sector engagement, to accelerate the speed of delivery of ambition and climate finance.”
Tullow’s Director of People and Sustainability, Julia Ross said: “This agreement is a clear demonstration that effective, long-term public- private collaboration can help deliver innovative climate finance that supports long-term sustainable forest management activities, and the communities involved. We are eager to see the full impact of this project as the conservation and restoration activities that we are supporting are put into place.
“This program is testament to the shared mission of both teams to support Ghana to meet its Nationally Determined Contributions whilst mitigating the hard-to-abate emissions of our operations. The project also delivers Tullow’s Net Zero ambitions, together with the work we are doing to decarbonize our operated assets by eliminating routine flaring.”
Chief Executive of Ghana’s Forestry Commission, John Allotey sees the project as a model in Ghana’s quest to lead the way in sustainable climate efforts. He stated: “We are poised to work together with Tullow to promote inclusivity, transparency, and innovation, in actions that will achieve each party’s objectives and the common global goal of the Paris agreement. I am confident that the Carbon Payments from Tullow will strengthen our efforts in forest protection and effectively improve the livelihoods of the local communities through the implementation of a transparent and widely consulted Benefit Sharing Plan.”
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