Singapore firms eye opportunities in cookstoves, EVs from Ghana for carbon credits. (Photo: iStock)
To reduce carbon tax expenditures, Singaporean companies, under government encouragement, have begun focusing on developing carbon credits in Ghana. The discussion has notably increased in the areas of clean cookstoves and green mobility, such as electric vehicles.
However, cross-border carbon credit transactions still require approval from both governments to ensure the environmental benefits of the carbon credits and avoid greenwashing risks. Therefore, it will take time to prove their effectiveness.
Singapore, Ghanaian signed carbon credits transfer agreement
After signing a carbon credit agreement with Ghana, Singapore’s Ministry of Trade and Industry led a delegation of 22 companies to Ghana for commercial negotiations. According to The Straits Times, forest carbon credits, once highly regarded, have lost appeal due to inconsistent quality, and attention has shifted towards credits associated with replacing traditional stoves and electric vehicle adoption.
