Liberia is progressing with the development of its carbon market roadmap through a meeting that focused on key issues such as carbon ownership and emissions reduction. Led by the EPA and the NCCSC, the initiative aims to facilitate carbon credit trading and foster national development while preventing fraud. The establishment of a comprehensive carbon policy is crucial for protecting Liberia’s interests in this market.
A significant meeting focused on finalizing Liberia’s carbon market roadmap took place at the University of Liberia Climate Action Lab. Stakeholders discussed critical themes including carbon ownership, generation, benefit sharing, and the types of markets necessary for effective carbon credit sales. This initiative is spearheaded by the Environmental Protection Agency (EPA), which is establishing a carbon policy to facilitate trading in carbon credits.
The National Climate Change Steering Committee (NCCSC) has mandated the EPA to create a legal framework for a Liberian carbon market. This framework will provide the country with the opportunity to trade carbon credits garnered from forest and mangrove conservation, contributing to both national development and global climate solutions. By operating within a structured market, emissions can be effectively monetized, incentivizing action from businesses and governments against greenhouse gas emissions.
Dr. Emmanuel Yarkapalo Urey, Executive at the EPA, emphasized the need for a comprehensive carbon policy to safeguard the interests of Liberia. During the meeting, 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 don’t want to make that mistake with the forest resources or relating to carbon.” His comments underline the importance of establishing a clear understanding of carbon resources prior to market engagement.
The EPA is currently inundated with proposals on the carbon market, with Urey noting, “Right now, I have more than nine proposals.” However, he expressed concern over proceeding without a defined framework, as it may lead to mismanagement of the carbon market. The Forest Reference Level (FREL) will be instrumental in quantifying emission reductions and guiding the management of forest resources.
Z. Elijah Whapoe, NCCS Coordinator, reported on previous ministerial meetings where responsibilities were delegated for developing a national climate change policy and carbon market law. The Forestry Development Authority (FDA) was assigned to oversee the implementation of the FREL, essential for effective baseline measurement of emissions reductions.
Additionally, E. Abrahman Tumbey of UNDP affirmed the importance of establishing a robust carbon framework that positions Liberia to leverage opportunities within the 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.” This sentiment reflects a widespread recognition of the urgent need for a structured approach to the carbon market in Liberia.
In conclusion, Liberia’s carbon market roadmap is being developed through collaborative efforts that encompass vital discussions on carbon ownership and emissions reduction strategies. Led by the EPA and supported by the NCCSC, this initiative aims to create a legal framework for carbon credit trading, thus facilitating national development and contributing to global climate goals. Establishing a clear carbon policy is deemed essential to protect national interests and leverage market opportunities effectively.
Original Source: www.liberianobserver.com
