Liberia’s stakeholders have held a crucial meeting to draft a roadmap for its carbon market, focusing on carbon ownership, generation, and market types. Led by the EPA, this initiative aims to develop legal frameworks for trading carbon credits through forest and mangrove conservation. Experts warn against repeating past resource management mistakes as the country navigates this new market opportunity.
Stakeholders involved in the development of Liberia’s carbon market roadmap have engaged in significant discussions over carbon ownership, generation, benefit sharing, and market types. This one-day meeting was held at the University of Liberia Climate Action Lab, under the guidance of the Environmental Protection Agency (EPA), which is advancing the country’s carbon policy to facilitate carbon credit trading.
The initiative emanates from the National Climate Change Steering Committee (NCCSC). The EPA has been tasked with formulating a legal framework to allow Liberia to trade carbon credits through the conservation of its forests and mangroves, thereby enhancing livelihoods and promoting national development while contributing positively to global climate goals.
Carbon markets serve to increase the cost of greenhouse gas emissions, motivating businesses and governments to implement projects that decrease their emissions. These markets allow for the buying and selling of permits, enabling entities with lower reduction costs to sell excess permits to those facing higher expenses.
Liberia aspires to maintain its forests, mangroves, and oceans to mitigate greenhouse gases and sell carbon credits to wealthier nations. However, the proposed law must clarify whether the communities or the government will manage carbon rights. Dr. Emmanuel Yarkapalo Urey, the EPA Executive, emphasized the need for a robust carbon policy and law to protect the country from potential fraud, reflecting on past experiences in the mineral sector.
Dr. Urey noted, “You can’t sell if you don’t know what you have. You will be cheated, and you know we have been cheated in the mineral sector. We have been cheated badly. How can an investor come, and you say go find the mineral?” He asserted that it is crucial to accurately establish the Forest Reference Emissions Level (FREL) to avoid repeating errors seen in other resource sectors.
As the EPA receives numerous carbon market proposals, Dr. Urey highlighted the importance of establishing a clear operational framework before proceeding further into the market. The FREL serves as a vital measurement tool to assess emission reductions from deforestation and forest degradation and sustainable forest management practices.
Z. Elijah Whapoe, NCCS Coordinator, indicated that the EPA is tasked with creating a national climate policy and carbon market law, while the Forestry Development Authority (FDA) will focus on the FREL. Whapoe announced that in a closed-door ministerial meeting, plans were finalized regarding the implementation of Liberia’s carbon program.
“We held an inception meeting for the development of the carbon policy on July 3rd, 2024,” Whapoe stated. He described the role of the Climate Change Secretariat at the EPA in driving the development of the national framework, which now encompasses both the carbon policy and program implementation strategies.
E. Abrahman Tumbey from UNDP highlighted the necessity of a clear carbon framework to ensure Liberia’s participation in this market. He underscored, “This is an important initiative that has been a long time coming. We all recognize the need…so we think this is the right direction,” reinforcing the significance of establishing well-defined objectives for the carbon market framework.
In conclusion, the development of Liberia’s carbon market is a significant step towards both national accountability and global environmental responsibility. Stakeholders are emphasizing the importance of creating a robust legal framework to ensure proper management and monitoring of carbon credits. With careful planning and clear objectives, Liberia aims to leverage its natural resources for sustainable development and contribute positively to the global fight against climate change.
Original Source: www.liberianobserver.com
