Ghana - Green Growth PASA : Readiness For Participation In International Carbon Markets - Preliminary Assessment Result from the Application of The World Bank’s Mitigation Action Assessment Protocol: International Transfer Readiness Tool
Carbon markets under the Paris Agreement are expected to differ substantially from those that emerged under the Kyoto Protocol. Unlike the top-down approach of markets created by the Kyoto Protocol, such as the Clean Development Mechanism (CDM), international carbon markets under Article 6 of the Paris Agreement are expected to have bottom-up linkages that could create an opportunity for new and innovative approaches. While the Kyoto Protocol only required Annex I (or developed) countries to meet specific climate targets, the Paris Agreement created a new paradigm for all countries, both developed and developing, to voluntarily adopt individual targets, articulated in their nationally determined contributions (NDCs). This means that a greater level of preparation is needed to ensure that traded assets are aligned with NDCs and accompanied by robust accounting. Ghana is one of early movers in the space. The Government has signed bilateral cooperation agreements with the Government of Switzerland and with the Swedish Energy Agency to develop projects under Article 6 and is preparing institutional arrangements and country processes for transacting Article 6 units.
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| Format: | Report biblioteca |
| Language: | English |
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Washington, DC: World Bank
2022-05-31
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| Subjects: | CLIMATE CHANGE, CLEAN DEVELOPMENT MECHANISM (CDM), KYOTO PROTOCOL, PARIS AGREEMENT, |
| Online Access: | http://documents.worldbank.org/curated/en/099200010162214483/P175989045d90b03089990b6588b856a87 http://hdl.handle.net/10986/38244 |
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| Summary: | Carbon markets under the Paris
Agreement are expected to differ substantially from those
that emerged under the Kyoto Protocol. Unlike the top-down
approach of markets created by the Kyoto Protocol, such as
the Clean Development Mechanism (CDM), international carbon
markets under Article 6 of the Paris Agreement are expected
to have bottom-up linkages that could create an opportunity
for new and innovative approaches. While the Kyoto Protocol
only required Annex I (or developed) countries to meet
specific climate targets, the Paris Agreement created a new
paradigm for all countries, both developed and developing,
to voluntarily adopt individual targets, articulated in
their nationally determined contributions (NDCs). This means
that a greater level of preparation is needed to ensure that
traded assets are aligned with NDCs and accompanied by
robust accounting. Ghana is one of early movers in the
space. The Government has signed bilateral cooperation
agreements with the Government of Switzerland and with the
Swedish Energy Agency to develop projects under Article 6
and is preparing institutional arrangements and country
processes for transacting Article 6 units. |
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