09 Jul 2012 03:07:56
Ecosur Afrique registers the first ever CDM project in Ghana
Ecosur Afrique is pleased to announce the registration of « Zoomlion Ghana Ltd Composting of Municipal Solid Waste in Accra Area » (UNFCCC / Project N.5381), the first ever Clean Development Mechanism (CDM) activity to be registered in Ghana.
The project features the largest sorting and composting facility of West Africa, able to process 300 tonnes of waste per day the first year of operation and 600 tonnes/day the subsequent years. Financing, construction and day to day management are ensured by Zoomlion Ltd, the leading waste collector of Ghana employing more than 2,800 people countrywide. The plant was inaugurated in Q2 2012 and will start to produce and sell compost for agricultural, horticultural and landscaping activities in the upcoming weeks. Carbon credits to be generated by the project have been sold forward to Standard Bank back in October 2010. The overall transaction was structured and brokered by Ecosur Afrique, also in charge of the CDM registration process.
Fabrice Le Saché, CEO of Ecosur Afrique, expressed the company's satisfaction: "we pioneered carbon finance in 7 African countries and are one of the early entrants in 9 other countries. We are proud to be the first company to channel CDM revenues in Ghana; our success in the region consolidates Sub-Saharan Africa as the rising carbon marketplace".
Geoff Sinclair, head of climate finance at Standard Bank, explained the bank’s involvement in the deal as another tangible sign of the group’s commitment to CDM and growth throughout the continent. Standard Bank is the number one financial institution in South Africa and the most dynamic outside its borders (presence in 18 African countries, 52,000 employees): "As a leading bank in climate finance and the only African bank with full carbon capabilities, we are proud to be supporting the first registered project in Ghana, a country where we already provide retail banking and corporate finance services. We congratulate Zoomlion and Ecosur Afrique for this achievement which is the result of a prompt, efficient and successful work". Standard Bank also appointed Ecosur Afrique as technical advisor for two PoAs in Ghana featuring compost and renewable energy.
Mr. Agyepong, CEO of Zoomlion welcomed the registration as a support for the group's action towards greenhouse gas reduction: "CDM and the fight against climate change are in complete line with Zoomlion's commitment to keep Ghana clean, green, healthy and salubrious" explained Mr. Agyepong who praised the local authorities, especially the DNA and Ministry of Environment, for their support throughout this process.
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