Tullow Oil has signed a Memorandum of Understanding (MOU) with Forestry Commission, Ghana to identify and develop carbon offset projects that will support both the realisation of Tullow's 2030 Net Zero Plans and the Government of Ghana's Nationally Determined Contributions under the Paris Agreement.

Pursuant of the MOU signed, the two organisations will collaborate to develop projects which will enhance the conservation of existing forest and increase forest stocks in line with Ghana's REDD+ strategy. This active collaboration will not only help build a low carbon future but will create alternative economic opportunities for communities within the identified project zone.

In addition to the company's commitment to decarbonise operational assets and eliminate flaring by 2025, the identified carbon offset project will form part of Tullow's strategy to attain Net Zero on its scope 1 and 2 emissions by 2030. The Carbon offsets will compensate for the residual, hard to abate emission.

Deputy Managing Director of Tullow Ghana, Cynthia Lumor said "the partnership with the Forestry Commission of Ghana to co-develop carbon offset project is beneficial to both parties and is evidence of demonstrable resolve between private sector and government, united to address climate change whilst supporting sustainable delivery of energy for development.”

According to her, the benefits to local communities will be at the forefront of projects to be developed to ensure that “we continue to create alter livelihoods aligned with our shared prosperity agenda”.

The Chief Executive of the Forestry Commission, Ghana, John M. Allotey said Ghana has demonstrated significant leadership on REDD+ to tackle deforestation and forest degradation.

“As a signatory of the Glasgow Leaders Declaration on Forests and Land-use, the country is even more determined to harness the power of collective action, in partnership with private sector to make good our promise for the survival of forests ecosystems, people and their livelihoods. The signing of the MoU is therefore timely, and the commission looks forward to the implementation of measurable actions for verifiable emission reductions"

With this programme, Tullow is aiming to have a minimum 600,000 per annum, in terms of offsetting 600,000 tonnes per year and the aspiration to increase that to up to 1.2 million per annum.