Progress Toward Establishing Liberia’s Carbon Market Roadmap
Stakeholders in Liberia are formulating a carbon market roadmap, focusing on legal frameworks for carbon credits, with the EPA leading the initiative. This aims to promote conservation and sustainable economic growth while preventing fraud in the carbon market. The establishment of a Forest Reference Level is crucial for measuring emissions reductions and guiding Liberia’s participation in global carbon trading.
Stakeholders in Liberia are collaboratively drafting a roadmap for the country’s carbon market, focusing on issues such as carbon ownership, carbon generation, benefit sharing, and market types. This essential meeting took place at the University of Liberia Climate Action Lab and is part of a broader initiative led by the Environmental Protection Agency (EPA). The aim is to develop a legal framework that enables the trade of carbon credits while promoting forest and mangrove conservation.
The initiative is championed by the National Climate Change Steering Committee (NCCSC), which has tasked the EPA with establishing a carbon market law. The objective is to allow Liberia to capitalize on its forest resources as a means of reducing greenhouse gas emissions while fostering economic development. By trading carbon credits, the country can invite investment from wealthier nations and companies seeking to offset their own emissions.
A key aspect of the carbon market is the ability to buy and sell emissions permits, creating a financial incentive for businesses and governments to manage their greenhouse gas emissions effectively. This market mechanism is designed to make pollution an expensive option while promoting sustainable practices.
Liberia’s approach to conservation will determine whether community members or the government will retain ownership of the carbon credits generated. Dr. Emmanuel Yarkapalo Urey, the EPA Executive, emphasized the necessity of establishing a clear carbon policy to safeguard the country’s interests and to prevent fraud in the carbon market: “You can’t sell if you don’t know what you have. You will be cheated… We want to make sure we calculate the Forest Reference Emissions Level with the right policy.”
Stakeholders indicated that numerous proposals have been submitted, underscoring the urgency to create a regulatory framework prior to market implementation. Establishing the Forest Reference Level (FREL) is vital for measuring emission reductions and ensuring transparency in the carbon credits market.
Z. Elijah Whapoe, NCCS Coordinator, stated that the EPA has been assigned the responsibility of crafting a national climate policy and carbon market law, while the Forestry Development Authority (FDA) will lead initiatives related to the FREL. He noted, “We held an inception meeting for the development of carbon policy… at the highest level of the ministerial council meeting on carbon.
The workstream was allocated during a closed-door meeting at the Ministry of Agriculture, where the Climate Change Secretariat at the EPA was designated to develop the national policy framework. E. Abrahman Tumbey of UNDP emphasized the need for a comprehensive carbon framework, indicating that this initiative is crucial for enabling Liberia to participate effectively in the carbon market: “This is an important initiative that… we think this is the right direction.”
In summary, Liberia is taking crucial steps towards developing its carbon market through stakeholder collaboration and the establishment of a legislative framework. The Environmental Protection Agency is at the forefront of this initiative, aiming to safeguard the country’s resources and promote sustainable development. By addressing important factors such as carbon ownership and establishing the necessary policies, Liberia is set to enhance its role in the global carbon market.
Original Source: www.liberianobserver.com
