Tullow Oil, a leading oil and gas company, has taken a significant step towards sustainability in Ghana by signing an Emissions Reduction Purchase Agreement (ERPA) with the Forestry Commission.
This agreement marks a $90 million investment over the next decade to combat deforestation and reduce carbon emissions in the country.
Key Points of the Agreement:
- Financial Commitment: Tullow Oil will invest $90 million to fund a REDD+ (Reducing Emissions from Deforestation and Forest Degradation) program developed in collaboration with the Forestry Commission.
- Emission Reduction Goals: The initiative aims to achieve a 40% reduction in greenhouse gas emissions by 2025 (compared to a 2020 baseline) through forest preservation efforts.
- Focus Areas: The program will target critical regions heavily impacted by deforestation, particularly the Bono and Bono East regions, encompassing over two million hectares of land.
- Community Benefits: Beyond forest conservation, the program will focus on improving the livelihoods of communities residing near these protected areas.
- Carbon Offset Potential: The REDD+ program is projected to generate up to one million tonnes of carbon offset credits per year, potentially benefiting one million people.
Demonstrating Commitment to Sustainability
Julia Ross, Director for People and Sustainability at Tullow Oil, emphasized the company’s dedication to achieving net-zero emissions and promoting sustainable development. She stressed their belief in using natural resources responsibly to empower local communities while acknowledging their role in the global energy transition.
Ghana’s Leadership in Forest Management
The agreement was met with praise from Ghana’s Minister for Lands and Natural Resources, Samuel Abu Jinapor. He commended Ghana’s ongoing efforts to address deforestation and forest degradation, aligning with national and international commitments. He highlighted the ERPA as a unique model for direct government and private sector collaboration, accelerating progress towards achieving climate finance goals.
International Recognition for Tullow Oil
The British High Commissioner to Ghana, Harriet Thompson, acknowledged Ghana’s leadership in REDD+ programs and forest management. She commended Tullow Oil’s contribution to sustainable forest management and its role in helping Ghana achieve its climate goals. She encouraged other businesses to follow suit in tackling climate change.
Looking Ahead: A Significant Step Forward
This ERPA signifies a major step forward in Ghana’s fight against deforestation and climate change. Tullow Oil’s investment demonstrates the increasing role of the private sector in promoting sustainable practices, setting a positive example for future partnerships.
