Liberia is formulating a carbon market roadmap through a series of stakeholder meetings focused on carbon ownership and regulatory frameworks. The EPA leads this initiative to establish a carbon policy, facilitating trading carbon credits from forest and mangrove conservation. The program aims for national development while clarifying ownership issues. The importance of a solid framework to prevent exploitation was emphasized by several key figures during discussions.
A recent meeting was convened by stakeholders in Liberia to create a roadmap for the nation’s carbon market, discussing key aspects such as carbon ownership, generation, benefit sharing, and types of markets. The Environmental Protection Agency (EPA) is spearheading efforts towards establishing a comprehensive carbon policy and legislative framework aimed at facilitating the trade of carbon credits.
The National Climate Change Steering Committee (NCCSC) has charged the EPA with the responsibility of formulating a law that will enable Liberia to trade carbon credits through forest and mangrove conservation, which is expected to support the livelihoods of local communities and contribute to national and global sustainability efforts.
Carbon markets are designed to make greenhouse gas emissions costly, thereby motivating businesses and governments to reduce emissions via alternative projects, such as preventing deforestation. They function by allowing entities to buy and sell permits for emissions, where those capable of reducing emissions affordably can sell excess permits, while those facing higher costs may purchase these permits to comply.
Liberia intends to conserve its forests, mangroves, and oceans, facilitating the sale of carbon credits to wealthier nations and firms. The resulting funds aim to bolster national development, yet the law will need to clarify whether local communities or the government retains ownership of the credits.
Dr. Emmanuel Yarkapalo Urey, Executive Director of the EPA, emphasized that a robust carbon policy and legislation are critical for safeguarding national interests and preventing exploitation in the carbon market. He noted, “You can’t sell if you don’t know what you have. You will be cheated… That is why we want to make sure we calculate the Forest Reference Emissions Level we have the right policy.”
Dr. Urey also highlighted the significant number of proposals the EPA receives, indicating the pressure to establish a carbon market. He raised concerns about initiating the market without a solid regulatory framework, questioning how the national carbon policy could be defined.
The Forest Reference Level (FREL) is vital for measuring emissions reductions due to deforestation and provides a baseline for emissions reductions and resulting financial incentives. Z. Elijah Whapoe, NCCS Coordinator, stated that after a ministerial session, the EPA was entrusted with crafting a national climate change policy and carbon market law, while the Forestry Development Authority (FDA) was designated to manage FREL.
Following a recent ministerial meeting, the Climate Change Secretariat at the EPA was tasked with overseeing the development process for Liberia’s carbon policy. The initiative aims to ensure an inclusive approach, with the EPA advocating for establishing a foundational policy before progressing with the law.
UNDP’s E. Abrahman Tumbey remarked on the necessity of a structured carbon framework, highlighting the potential benefits for Liberia within the carbon market. He stated, “This is an important initiative that has been a long time coming. The aspect of developing a framework is very important, so we think this is the right direction.”
In summary, Liberia’s stakeholders are actively developing a carbon market roadmap, coordinated by the EPA in conjunction with the NCCSC. The initiative aims to enable carbon credit trading through the conservation of natural resources, fostering national development and preventing exploitation. The establishment of a sound regulatory framework is viewed as essential to ensure effective participation in carbon markets and safeguard national interests. Overall, this initiative reflects Liberia’s commitment to sustainable environmental management and climate resilience in the global context.
Original Source: www.liberianobserver.com
