News listings

energy-pedia climate change

Ghana flagGhana

Middle East / Africa >>> Ghana

Ghana: Tullow takes next step on Net Zero pathway with nature-based solutions in Ghana


24 May 2024

  • Tullow and the Ghana Forestry Commission have formalised a strategic partnership to implement a REDD+ programme that will deliver certified carbon offsets in line with Tullow’s 2030 Net Zero roadmap.
  • The programme is expected to generate up to 1 million tonnes per annum of certified carbon offsets from c.2 million hectares of land across the Bono and Bono East regions of Ghana.
Photo - see caption

Tullow has formalised a strategic partnership with the Ghana Forestry Commission to implement a high-integrity, jurisdictional-based Reduced Emissions from Deforestation and Degradation (REDD+) programme.

This programme 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 decarbonising 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+ programme through a partnership with the Forestry Commission of Ghana, which is responsible for the sustainable management of Ghana’s forests and wildlife.

The programme 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 effected 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 programme 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 programme 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 decarbonise 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.'

Original announcement link

Source: Tullow





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 232

Completed Deals

Completed Upstream Deals: 6585

Company Profiles

Current Company Profiles: 2914

Corporate Activity

Current Corporate Activity articles: 4157

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1663

Geostudies

Current Geostudies articles: 974

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Rose & Assocs
Telos NRG
Syntillica
Merlin
Borchwix
energy365
OPC
Government of South Australia
Union Jack Oil 149
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com