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Senegal, Ghana sell cookstove carbon credits to Switzerland in $20-25/mtCO2e range


Senegal credits sold at$22.50/mtCO2e; delivery yearly to 2030

Authorization expected soon for Ghana credits at $20-25/mtCO2e

Ghana renewable energy credits indicatively valued at $10/mtCO2e

  • Author
  • Vandana Sebastian
  • Editor
  • James Leech
  • Commodity
  • Electric Power Energy Transition

Countries in West Africa including Ghana and Senegal are to sell carbon credits to Switzerland in the range of $20-25/mtCO2e from projects investing in cleaner, more efficient cookstoves, market sources said this week.

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Countries can adopt cross-border exchanges of carbon credits known as Internationally Transferable Mitigation Outcomes, or ITMOs, under Article 6.2 of the Paris Agreement, which sets out a system of national accounting for greenhouse gas emissions.

The market sources said that cookstove credits, certified under Article 6.2, have been traded by Senegal to Switzerland for a volume of 500,000 mt annually to 2030 at a fixed price of $22.50/mtCO2e.

According to a source based in Senegal, the first tranche of credits is likely to be delivered in the next six months.

"Part of the emissions reductions will go towards our NDCs [or Nationally Determined Contributions], and another part towards the country of Switzerland's," the source said, adding that the parties were also discussing other projects, including solar mini grid projects and agro-ecological projects.

A second source, closely involved in negotiations between Ghana and Switzerland, said authorization was expected soon for cookstoves credits from Ghana, to be sold to Switzerland in the range of $20-25/mtCO2e.

Other projects being developed under Article 6.2 in Ghana include solar projects, energy efficiency projects and building efficiency projects. So-called green cooling projects -- which aim to make air-conditioning more efficient -- are also being developed.

Article 6.2 Renewable Energy credits were heard indicatively valued from Ghana to be sold to Switzerland at $10.00/mtCO2e, sources said.

"As Ghana's grid is relatively cleaner, the price is higher compared to regular renewable energy credits," one source said.

Negotiations were also underway between Japan and Singapore with Ghana, the source said.