Gold Standard, a voluntary carbon offset program focused on progressing the United Nation’s Sustainable Development Goals (SDGs) and ensuring that project’s benefit their neighboring communities has partnered with the Ministry of Economy and Finance of the Republic of Benin to promote climate action and sustainable development in the country.
The collaboration aims to contribute to socio-economic development by reducing emissions and building resilience to climate change.
In July 2021, Benin became the first African country to issue an Sustainable Development Goal (SDG) Bond Framework Document, securing a $500 million 12.5 year SDG bond in the international market.
Gold Standard’s role is to guarantee the quality and impact of projects and the monitoring of new asset classes.
The collaboration will accelerate the delivery of the sustainable objectives highlighted in Benin’s strategic action plan, Programme d’Action du Gouvernement “PAG” 2021-2026.
Gold Standard Chief Executive Officer (CEO), Margaret Kim, visited Benin to see the DEFISSOL PV solar plant project, the first to be registered with Gold Standard under this collaboration.
The CEO said, “Our partnership with the Ministry of the Economy and Finance of the Republic of Benin will support the government to access market mechanisms to drive sustainable development while meeting the country’s national determined contributions under the Paris Agreement.”
The Minister of Economy and Finance for Benin, Romuald Wadagni, said, “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.”