The Forestry Commission (FC) has signed a Letter of Intent with Tullow Oil PLC. This will give Tullow Oil a one-year exclusivity over the identified project area, to reach the signing of an Emission Reduction Payment Agreement ( ERPA)and in return provide funding to the Commission to undertake initial project development activities.
The nature- based carbon offset programme will focus on the Western part of the transition zone in Ghana (Bono and Bono East regions) in line with Ghana’s REDD+ strategy.
Ms. Julia Ross, Director for People and Sustainability, Tullow Oil, mentioned that the partnership with FC will pursue a nature-based carbon offset programme, which will be beneficial to both parties and it demonstrates joint commitment to address climate change whilst supporting socio-economic opportunities for local communities.
Mr. John Allotey, Chief Executive of FC, stated that the Commission is particularly enthusiastic about this engagement with Tullow Oil as it demonstrates a proof of concept for a sustainable transition journey towards net- zero decarbonisation in the voluntary carbon market space, which also fosters community development and empower livelihoods.
The event was climaxed with the signing of the Letter of Intent, where Mr. Allotey signed on behalf of Forestry Commission and Ms. Julia Ross signed on behalf of Tullow Oil.