India’s EKI Energy Signs $1B Carbon Credits MoU With Jospong In Ghana

India’s EKI Energy Signs $1B Carbon Credits MoU With Jospong In Ghana - Carbon Herald

India’s EKI Energy Services (BOM: 543284) and Ghana’s Jospong Group of Companies (JGC) are considering a partnership to generate carbon credits in Ghana, potentially amounting to $1 billion.

The proposed memorandum of understanding (MoU) outlines a five-year collaboration in which EKI Energy would offer technical support to Jospong for the development of carbon offset projects in Ghana, Bloomberg reported, citing a text message by Sophia Kudjordji, a spokeswoman for JGC.

The partnership is aimed at contributing significantly to the growing demand for carbon credits, especially in African nations, where various countries are enacting legislation and fostering the creation of carbon offset initiatives.

So far, EKI Energy has already supplied more than 200 million carbon credits to the international market, CEO Manish Kumar Dabkara was quoting as saying in a joint statement from the two companies.

However, EKI’s past endeavors have not been without controversy.

After debuting on the Bombay Stock Exchange in 2021 as India’s first publicly listed carbon offsets company, its stock experienced a rapid surge of 10,000%, but later faced scrutiny regarding the value of some traded offsets which led to a plunge in the stock price.

Relevant: African Oil And Gas Companies Looking At Carbon Credit Opportunities

The carbon credit market represents a crucial component in the global efforts to combat climate change.

Each credit signifies the removal or prevention of one ton of carbon dioxide (CO2) or its equivalent from entering the atmosphere, purchased by greenhouse gas emitters to offset their environmental impact.

With Africa, from Kenya to Zimbabwe, increasingly adopting measures to encourage carbon offset projects, the potential collaboration between EKI Energy and Jospong aligns with broader trends in the continent’s sustainable development initiatives.

Read more: UAE Investors Pledge $450 Million For African Carbon Credits

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