Liberia Initiates Roadmap for Carbon Market Development

Stakeholders in Liberia are drafting a roadmap for a carbon market, focusing on carbon ownership, generation, and benefit sharing. Led by the EPA, this initiative aims to create a legal framework for trading carbon credits generated through forest conservation. Key discussions emphasize the importance of a transparent carbon policy to prevent exploitation and enhance sustainable development.

Stakeholders engaged in drafting the roadmap for Liberia’s carbon market recently convened at the University of Liberia Climate Action Lab for an essential one-day meeting. The discussions centered on crucial topics such as carbon ownership, carbon generation, benefit sharing, and various types of carbon markets. The Environmental Protection Agency (EPA) is at the forefront of establishing the country’s carbon policy and law, facilitating the sale of carbon credits.

The National Climate Change Steering Committee (NCCSC) is spearheading this initiative, having assigned the EPA the task of developing a legal framework for a Liberian carbon market. This law aims to enable the trading of carbon credits generated by conserving forests and mangroves, thus promoting both local livelihoods and national development for global benefit.

By implementing carbon markets, Liberia seeks to make greenhouse gas emissions more costly, thereby motivating stakeholders, including businesses and governments, to reduce their emissions. These markets permit the trading of permits that allow for a specific amount of emissions; those who can reduce emissions cost-effectively can sell their surplus permissions to those facing higher reduction costs.

Liberia’s strategy involves conserving its natural resources, such as forests, mangroves, and oceans, to decrease greenhouse gas emissions while simultaneously selling carbon credits to wealthier nations and corporations. The revenue generated is intended for national development. However, the definitive ownership of carbon credits remains to be clarified—whether it will belong to the government or the local communities.

Dr. Emmanuel Yarkapalo Urey, Executive Director of the EPA, emphasized the importance of formulating a carbon policy and legislation to prevent exploitation in the carbon market. He stated, “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 underscored that accurate calculations of the Forest Reference Emissions Level are vital for formulating the right policy.

Urey noted an influx of proposals in the burgeoning carbon market, expressing caution against opening the market without sufficient framework. “Right now, I have more than nine proposals. Because we don’t want to open this market so foolishly,” he articulated, highlighting the need for a clear national carbon policy.

The Forest Reference Level (FREL) serves a crucial role in measuring emission reductions due to deforestation and degradation while also accounting for sustainable forest management. It is a fundamental component for national forest monitoring systems, establishing a baseline from which emission reductions can be measured, ensuring accurate results-based payments.

Z. Elijah Whapoe, the NCCS Coordinator, remarked on the government’s commitment to developing a national climate policy and carbon market law. He shared, “We held an inception meeting for the development of the carbon policy on July 3rd, 2024,” indicating a strategic government initiative directed at enhancing Liberia’s carbon framework.

Whapoe also mentioned that the Climate Change Secretariat at the EPA was charged with leading the development process for the national framework. “Our intention was to just go ahead and develop the law, and gracefully, we started socializing the information of the roadmap and we were advised by legal experts to begin with the policy,” he elaborated.

E. Abrahman Tumbey, Head of UNDP’s Green and Inclusive Growth, echoed the sentiment regarding the necessity of a structured carbon framework, asserting, “This is an important initiative that has been a long time coming. We all recognize the need. The aspect of developing a framework is very important, so we think this is the right direction.”

The discussions surrounding Liberia’s carbon market are paving the way for an essential legal and policy framework aimed at enhancing environmental conservation and promoting sustainable economic growth. With the EPA leading this initiative, the focus on clear ownership and effective emission reduction measures is critical. The establishment of a carbon market presents opportunities for both national development and global environmental contributions. Stakeholders are urged to ensure that the framework addresses potential challenges and maximizes benefits for all communities involved.

Original Source: www.liberianobserver.com