Stakeholders in Liberia have gathered for a meeting to draft a carbon market roadmap, primarily focusing on ownership and benefit-sharing within carbon markets. The EPA leads this initiative aimed at allowing carbon credit sales through forest conservation. Discussions emphasized the necessity of defining rights to carbon credits and the role of the Forest Reference Level in measuring emissions. A comprehensive framework is essential to guide Liberia’s entry into the carbon market and ensure stakeholder protection.
A significant step has been taken towards establishing a carbon market in Liberia, as stakeholders convened for a crucial meeting at the University of Liberia Climate Action Lab. The one-day session focused on key aspects of carbon market development including ownership, generation, benefit sharing, and market types, aligning efforts towards creating a robust framework for carbon credit regulations.
The Environmental Protection Agency (EPA) is at the forefront of formulating the country’s carbon policy and legislation aimed at facilitating the sale of carbon credits. Spearheaded by the National Climate Change Steering Committee (NCCSC), this initiative seeks to foster a legal environment that allows Liberia to trade carbon credits gained through the conservation of forests and mangroves, thereby benefiting both local communities and national progress.
Carbon markets are designed to impose costs on greenhouse gas emissions, creating financial incentives for governments and businesses to engage in emission reduction initiatives. In this regard, participants discussed mechanisms through which entities can trade emission permits, aiding in cost-effective reductions while ensuring environmental integrity.
Liberia’s strategy involves conserving essential ecosystems such as forests, mangroves, and oceans to mitigate greenhouse gas emissions. The revenues generated from carbon credit sales will be directed towards national development goals. However, legislative clarity is required regarding carbon ownership rights between communities and the government.
Dr. Emmanuel Yarkapalo Urey, Executive Director of the EPA, emphasized the necessity of having a definitive carbon policy to protect the interests of the country. He pointed out the risks of exploitation without a proper understanding of carbon assets, highlighting the need for a thorough calculation of the Forest Reference Emissions Level (FRL) to guide negotiations and transactions.
The EPA is currently amidst numerous proposals related to the carbon market, thus demonstrating a growing interest in this sector. To ensure a structured approach, officials reiterated the importance of establishing a clear national policy before venturing into carbon market operations, aiming to avoid pitfalls experienced in other sectors.
The Forest Reference Level (FRL) is critical for assessing emission reductions associated with deforestation and degradation as well as sustainable forest management. It serves as a foundational tool for national monitoring systems and aids in establishing a baseline for measuring emission reductions in future transactions.
In subsequent discussions, Z. Elijah Whapoe, NCCS Coordinator, outlined the strategic decisions taken during a ministerial meeting to advance carbon policy development and establish the legal framework for the carbon market. This initiative represents collaborative efforts at the highest levels of government, involving various stakeholders to ensure effective implementation.
E. Abrahman Tumbey, Head of UNDP’s Green and Inclusive Growth, underscored the necessity for a clear carbon framework that would maximize economic opportunities in the carbon market. He acknowledged the long-standing recognition of this need and the critical importance of developing a transparent and structured approach to foster sustainable growth and environmental protection in Liberia.
In conclusion, the establishment of a carbon market in Liberia marks a pivotal step towards addressing environmental challenges while promoting national development. With the EPA leading the charge, the development of a comprehensive carbon policy and legal framework is essential to safeguard the nation’s interests. Stakeholders are poised to collaborate to create a robust structure that fosters sustainable forestry and carbon management, ultimately benefiting both local communities and the global environment.
Original Source: www.liberianobserver.com
