Prime News Ghana

Jospong Group secures global recognition into ITMO

By primenewsghana
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The Swiss Government has signed an authorisation document conferring the Internationally Transferred Mitigation Outcome (ITMO) credit on the Integrated Waste Recycling and Compost Facilities of the Jospong Group of Companies.

This significant moment unfolded amid the ongoing COP28 in Dubai, symbolising the Ghanaian company’s unwavering commitment to global sustainability objectives.

It was a landmark event attended by a distinguished delegation from Ghana led by President Akuffo-Addo.

The signing ceremony featured the representation of the Ministry of Environment, Science, Technology, and Innovation (MESTI); the Ministry of Lands and Natural Resources, and the Ministry of Sanitation and Water Resources, each represented by their respective sector ministers, as well as the representative of United Nations Development Programme (UNDP) from Ghana.

The granted ITMO status encompasses four out of the 38 waste treatment plants belonging to Zoomlion Ghana, a subsidiary of Jospong Group of Companies (JGC), which were selected for the initial phase of the project aiming to generate approximately 1.5 million tons of carbon dioxide valued at US $20 million from the present until 2030.

ITMO operates within the carbon emissions trading framework, allowing countries to acquire or trade carbon credits internationally.

This mechanism not only facilitates the creation of new carbon markets but also contributes to significant global greenhouse gas emissions reductions and are defined under Article 6 of the Paris Agreement.

According to the Minister of Environment, Science, Technology and Innovation (MESTI), Dr. Kwaku Afriyie, Ghana was the first country in Africa and the second in the world to have finalized its framework on Article 6.

“Now we are at the forefront and we are reaping the benefits,” he stressed.

Dr. Afriyie noted that “If climate change mitigation and adaptation is to happen, the real provider of capital should be the private sector with government enabling them.”

On his part, Ambassador Felix Wertli of the Swiss Federal Office for the Environment (BAFU) remarked that the signing of the document was of great significance to the Swiss government in pursuit of reducing carbon emissions to meet the Sustainable Development Goals.

He highlighted the mutually beneficial nature of the agreement, wherein Ghana reduces emissions and enhances waste management, while Switzerland advances its climate goals.

Ambassador Wertli expressed Switzerland’s eagerness to continue strengthening its relationship with Ghana in these endeavours.

An elated Dr. Joseph Siaw Agyepong, the Executive Chairman of the Jospong Group, expressed his thoughts on this historic achievement, stating, “The world is now gone green, so we are trying to see how best we can modernize most of our recycling and waste management processes to meet conditions of the new order.”

He disclosed that about a 1,000 of Zoomlion’s diesel waste trucks are undergoing conversion into electric vehicles in partnership with ZeroNox in the USA.

In a forward-looking declaration, Dr. Agyepong announced the company’s plans for extensive climate-related research in 2024.

Additionally, Jospong Group intends to sponsor a number of individuals in climate studies, emphasizing the company’s commitment to fostering environmental education.

The Executive Chairman extended gratitude to the Swiss government, UNDP, and the Government of Ghana for acknowledging and recognizing the company’s efforts.

He acknowledged the pivotal role played by the dedicated staff of the company in achieving this milestone, emphasizing their “hard work, commitment, and dedication brought us this far.”

The Chief Investment Officer of the Jospong Group, Mr. Noah Gyimah, also emphasised, “this accomplishment reinforces our commitment to sustainable waste management, environmental conservation, and international cooperation. Together, we pave the way for a greener and cleaner future.”