Liberia is progressing toward establishing a carbon market with stakeholders drafting a roadmap addressing carbon ownership, generation, and market types. Led by the EPA, this initiative aims to enable carbon credit sales by fostering forest conservation. Key discussions focused on legal frameworks and community ownership rights, essential for equitable participation in carbon trading.
A one-day meeting held at the University of Liberia Climate Action Lab saw stakeholders drafting a roadmap for Liberia’s carbon market. The discussions focused on key aspects such as carbon ownership, generation, benefit sharing, and types of markets. The Environmental Protection Agency (EPA) is leading the initiative, implementing carbon policy and legal frameworks to enable carbon credit sales and promote sustainable forest and mangrove conservation.
The National Climate Change Steering Committee (NCCSC) has tasked the EPA with developing legislation that facilitates carbon credit trading. This law is crucial for enabling forest conservation efforts and aims to enhance national development. Carbon markets serve as a financial incentive to reduce greenhouse gas emissions by making emissions more costly, encouraging businesses and governments to engage in environmentally sustainable practices.
Liberia’s strategy includes conserving forests, mangroves, and oceans to decrease greenhouse gas emissions and sell carbon credits to wealthier nations. A significant issue to resolve is whether the communities or the government will own the carbon rights. Dr. Emmanuel Yarkapalo Urey from the EPA emphasized the need for a robust carbon policy to ensure fair opportunities in this emerging market and prevent exploitation.
The establishment of a carbon market in Liberia is underway, with key stakeholders working to develop laws and policies that enable carbon trading responsibly. The meeting highlighted the importance of defining ownership rights and ensuring a robust framework to prevent exploitation, reflecting lessons learned from past experiences in other sectors. The EPA and the NCCSC’s concerted efforts aim to position Liberia to participate effectively in international carbon markets, contributing to sustainable development and environmental protection.
Original Source: www.liberianobserver.com
