The National Climate Change Steering Committee (NCCSC) has held its quarterly meeting to discuss and make key decisions regarding the supervision of the carbon market in Liberia.
The NCCSC, a high-level inter-ministerial body providing policy guidance on climate change in Liberia, convened on Wednesday, July 3, 2024. The meeting focused on deciding who will lead the regulation and supervision of carbon trade in Liberia.
The session, chaired by Dr. Emmanuel K. Urey Yarkpawolo, Executive Director of the Environmental Protection Agency (EPA), and Hon. Rudolph Murreh, Managing Director of the Forestry Development Authority (FDA), included heads of various government ministries, agencies, and civil society organizations. The aim was to enhance the understanding of the carbon market and its benefits for Liberia.
Carbon markets are trading systems where carbon credits are sold and bought. These markets allow companies or individuals to offset their greenhouse gas emissions by purchasing carbon credits from entities that reduce or remove greenhouse gas emissions.
There are two primary types of carbon markets: compliance and voluntary. Compliance markets arise from national, regional, or international policies or regulatory requirements. Voluntary carbon markets involve the buying and selling of carbon credits voluntarily.
Currently, most voluntary carbon credits are supplied by private entities or government programs certified by carbon standards. Demand for these credits comes from private individuals, corporations with sustainability targets, and other actors aiming to trade credits for profit.
To regulate the carbon credit markets in Liberia, the NCCSC has formed a committee to develop a framework policy. The Environmental Protection Agency will chair this committee, given the environmental nature of the carbon credits trade.
At the conclusion of the meeting, the NCCSC established a smaller committee, chaired by the Ministry of Justice, to prepare a national strategic plan for the smooth operation of carbon markets in the country.
Additionally, Kelvinn Conrad, a resident of Papua New Guinea, participated via Zoom. He assured the NCCSC of his organization’s support in establishing and improving carbon markets in Liberia. Conrad offered free capacity training for 20 Liberians to manage the forest sector and access forest data, provided Liberia sells its carbon to his organization.
The framework strategic plan committee will report back to the NCCSC in about a week. The NCCSC has also directed the Environmental Protection Agency to engage the president in placing a moratorium on carbon trading until the committee’s recommendations are finalized.
The NCCSC is an inter-ministerial body that offers policy guidance on climate change in Liberia. The 24th meeting of the NCCSC aims to provide insights into the global carbon market and its benefits for Liberia, build consensus, and offer policy advice on carbon trade measures. The meeting will also address the status of wetlands and discuss actions to mitigate related problems. Support for this meeting is provided by the Canadian Government (Environment and Climate Change Canada – ECCC) through Nova Sphere under the MRV for Climate Action project.
