Commitment to sustainability: Jospong Group's ITMO Achievement Sparks International Acclaim
In a landmark event attended by a high-level delegation from Ghana led by President Nana Addo Dankwa Akufo-Addo, the Swiss Government has signed an authorization document conferring the Internationally Transferred Mitigation Outcome (ITMO) credit on the Integrated Waste Recycling and Composting Facilities of the Jospong Group of Companies.
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This significant moment unfolded amid the ongoing COP28 in Dubai, symbolizing the company's strong commitment to global sustainability objectives. 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 Water and Sanitation, each represented by their respective sector ministers, as well as the representative of UNDP from Ghana.
The granted ITMO status of four out of the 38 waste treatment plants belonging to Zoomlion Ghana, a subsidiary of JGC, were selected for the initial phase of the project aiming to generate approximately 1.5 million tons of carbon dioxide valued at USD 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 facilitates the creation of new carbon markets and contributes to significant global greenhouse gas emissions reductions, as 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 are reaping the benefits," he remarked.
He 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."
His Excellency Amb. Felix Wertli of the Swiss Federal Office for the Environment (BAFU) remarked that the signing of the document was of great importance to the Swiss government in pursuit of reducing carbon emissions to meet the Sustainable Development Goals.
Amb. Wertli highlighted the win-win nature of the agreement, wherein Ghana reduces emissions and enhances waste management, while Switzerland advances its climate goals. He expressed Switzerland's eagerness to continue strengthening its relationship with Ghana in these endeavors.
An elated Dr. Joseph Siaw Agyepong, the Executive Chairman of the Jospong Group, expressed his thoughts on this historic achievement, stating, "The world has now gone green, so we are trying to see how best we can modernize most of our recycling and waste management processes to meet the conditions of the new order." He further disclosed that about a 1,000 of Zoomlion's diesel waste trucks are undergoing conversion into electric vehicles with ZeroNox in the USA.
In a forward-looking declaration, Dr. Agyepong announced the company's plans for extensive climate-related research in 2024 and their intention to sponsor several individuals in climate studies, emphasizing their 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 key role played by the dedicated staff of the company in achieving this milestone, emphasizing that their hard work, commitment, and dedication brought them this far.
Chief Investment Officer of the Jospong Group, Mr. Noah Gyimah, emphasized, "This accomplishment reinforces our commitment to sustainable waste management, environmental conservation, and international cooperation. Collectively, we pave the way for a greener and cleaner future."