Stakeholders have convened to draft Liberia’s carbon market roadmap, focusing on critical elements such as carbon ownership and benefit sharing. Led by the EPA, this initiative seeks to develop policies that allow carbon credit trading, enhance environmental protection, and generate revenue for national development. A robust framework is essential to prevent exploitation and ensure equitable management of Liberia’s carbon resources.
The stakeholders involved in drafting Liberia’s carbon market roadmap recently concluded a pivotal one-day meeting at the University of Liberia Climate Action Lab. This meeting focused on critical aspects such as carbon ownership, benefit sharing, types of markets, and carbon generation, with an aim to structure the framework for the emerging carbon market in the country.
The Environmental Protection Agency (EPA) is spearheading the establishment of Liberia’s carbon policy and law, enabling the sale of carbon credits. This initiative is led by the National Climate Change Steering Committee (NCCSC), which has directed the EPA to formulate legislation allowing the nation to trade carbon credits by protecting its forests and mangroves. This trading mechanism is intended to foster national development and contribute positively to global environmental efforts.
Carbon markets are designed to elevate the costs associated with greenhouse gas emissions, thereby motivating businesses and governments to implement emission reduction measures. These markets facilitate the buying and selling of permits that authorize a specific amount of emissions, allowing for cost-effective trading among entities able to reduce emissions more economically.
Liberia is aiming to protect its forests, mangroves, and oceanic resources to diminish greenhouse gas emissions while selling carbon credits to wealthier nations and corporations. The anticipated revenue generated from these transactions is earmarked for national development. Nonetheless, the legislation will determine whether carbon rights are held by the communities or the government.
Dr. Emmanuel Yarkapalo Urey, the Executive Director of the EPA, emphasized that a robust carbon policy and law are essential to guide the country’s engagement in the carbon market and to avoid past pitfalls in other sectors. He stated, “You can’t sell if you don’t know what you have. You will be cheated,” highlighting the importance of clarity and precision in carbon market dealings to prevent exploitation.
The EPA is currently facing numerous proposals regarding the carbon market, with Dr. Urey mentioning a considerable backlog of requests. He indicated that there is pressure for the market’s establishment but is cautious about proceeding without a well-defined framework, stating, “How do we define our national policy relating to carbon, forest carbon?”
The Forest Reference Level (FREL) serves as an essential tool for measuring emission reductions resulting from deforestation and forest degradation, and further enhancements of carbon stock within Liberia’s forest management. FRELs establish a baseline for measuring emissions reductions and facilitating payment returned based on results.
Z. Elijah Whapoe, the NCCSC Coordinator, revealed that the EPA has a mandate to deliver the national climate change policy and the carbon market law. Additionally, the Forestry Development Authority (FDA) has been tasked with leadership on the FREL. Following a ministerial meeting held in July 2024, strategies were formulated to advance the carbon program in Liberia.
E. Abrahman Tumbey, Head of UNDP’s Green and Inclusive Growth initiative, underscored the importance of a well-structured carbon framework. He noted that developing this framework is crucial for ensuring the country effectively benefits from the carbon market, signifying a long-awaited step towards sustainable development in Liberia.
In conclusion, Liberia is making significant strides toward establishing a structured carbon market, aimed at enhancing environmental conservation and national development. Key stakeholders, including the EPA and NCCSC, are collaboratively drafting a comprehensive roadmap to navigate carbon ownership and benefit sharing. A well-defined policy is crucial to avoid past mistakes in resource management and to ensure that the potential benefits of the carbon market are realized efficiently and ethically.
Original Source: www.liberianobserver.com
