Last week, the Ministry of Economy and Finance of the Republic of Benin and Gold Standard commemorated their partnership established during COP27 in November 2022.
The collaboration between both entities aims to promote national and international socio-economic development through activities that reduce emissions and enhance resilience to climate change using Gold Standard’s certification products and services.
Gold Standard CEO Margaret Kim and Minister of Economy and Finance for Benin, Romuald Wadagni, held meetings and visited new projects during their in-person visit.
Benin has made significant strides in sustainable development by establishing several projects and publishing an SDG Bond Framework Document securing a EUR 500 million 12.5-year SDG bond in the international market.
Gold Standard’s collaboration with Benin will accelerate the delivery of sustainable objectives outlined in the government’s strategic action plan (programme d’Action du Gouvernement “PAG” 2021-2026). The partnership also seeks to integrate the Gold Standard Impact Registry with the newly established National Carbon Registration Authority, ensuring the quality and impact of carbon projects.
The CEO of Gold Standard and other members also visited the DEFISSOL PV solar plant project, the first project to be registered under the partnership. The project aligns with three of the UN’s Sustainable Development Goals (SDGs) – SDG 7, 8, and 13, ensuring access to affordable, reliable, sustainable energy, creating sustainable local jobs and economic growth, and combating climate change and its impacts.
Gold Standard held an in-person workshop for ministerial representatives and related partners involved in the carbon market in Benin. The workshop aimed to increase understanding of Gold Standard requirements and guidelines, project certification processes, and engagement with the Gold Standard Impact Registry, while providing an opportunity to build understanding of wider carbon market developments.
The partnership between Gold Standard and the Ministry of Economy and Finance of the Republic of Benin will support the government in accessing market mechanisms to drive sustainable development, meeting the country’s national determined contributions (NDCs) under the Paris Agreement and exploring innovative financial instruments to further drive finance to where it is most needed.
“Benin’s strategic objectives for the future is the sustainable industrial transformation of its economy,” Wadagni said “while tackling climate change objectives. Our collaboration with Gold Standard will accelerate the government’s delivery of the energy and agricultural transition through additional capital mobilization, guaranteed by the highest standards of integrity and quality. This collaboration anchors Benin’s position as one of the most innovative countries to tackle climate change challenges by designing impactful projects combined with an optimum funding structure.
“I was delighted to share the Government vision with the Gold Standard team and I am convinced that strengthening their local presence will unleash the impact and the potential of this market in Africa.”
Gold Standard is a standards body operating in the carbon market and beyond, including work with governments across the world to steer finance towards climate and sustainable development impact with its internationally renowned standard ‘Gold Standard for the Global Goals’. The standard is being applied by governments to deliver national climate objectives, to certify climate impacts under Article 6 of the Paris Agreement and contribute to the UN Sustainable Development Goals.
