The Youth Climate Council Ghana (YCC) has expressed deep concern and strong opposition to a recent proposal by parliament to establish a pension fund scheme for Members of Parliament (MPs) using revenues from the carbon market.
This proposal, according to the YCC, directly undermines Ghana’s climate commitments and constitutes a blatant misuse of key climate finance intended for national sustainability efforts.
In a statement, the council said the Paris Agreement, under Article 6, explicitly provides the framework for carbon markets, with a clear objective of advancing climate action and sustainable development.
“Diverting these funds away from their intended purpose would not only violate international commitments but also weaken Ghana’s ability to meet its emissions reduction targets”.
Youth Climate Action noted Ghana aims to reduce greenhouse gas emissions by 64,000 ktCO2e by 2030, with a significant portion of this reduction relying on carbon market mechanisms and international financial support.
It said the country requires between US$ 9.3 and US$ 15.5 billion of investment to implement its Nationally Determined Contributions (NDCs) from 2020 to 2030.
YCC emphasized that carbon credit revenues must be strictly allocated to greenhouse gas (GHG) mitigation initiatives, such as renewable energy expansion, reforestation, climate-smart agriculture, and waste management.
The organization urged Parliament to immediately revoke the proposal and ensure that all carbon credit revenues are directed toward fulfilling the key commitments of the carbon market framework.
“Instead, the YCC proposes that Parliament explores more innovative and sustainable revenue sources, such as reviewing current mining leases to increase Ghana’s revenue share, with even 1% dedicated to funding the MPs’ pension scheme”.
The organization called on civil society organizations, climate activists, and the general public to reject the proposal and demand greater accountability in climate finance governance.
By Ericka Jumaa Korankye
Source:
3news.com
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