Liberia Sets Its Sights on the Global Carbon Market: A Game-Changing Partnership with the Coalition for Rainforest Nations
Monrovia, Liberia – The Government of Liberia has taken a transformative step in its environmental journey by signing a Letter of Engagement (LoE) with the Coalition for Rainforest Nations (CfRN). This landmark agreement signifies Liberia’s commitment to participating actively in the global carbon market, aimed at empowering carbon trading initiatives that will particularly benefit communities living near the forests while also unlocking new avenues for climate finance to support national development goals.
The engagement is set to run from 2024 to 2026 and will commence immediately. Representatives from the Environmental Protection Agency, Forestry Development Authority, Ministry of Finance and Development Planning, and the Ministry of Justice signed the Letter of Engagement on September 27, 2024 on behalf of the Government of Liberia.
The Coalition for Rainforest Nations, which includes over 50 member countries, brings invaluable expertise in helping tropical nations to trade carbon credits. Through this partnership, Liberia will receive crucial technical support to enhance its capacity for monitoring, reporting, and verifying (MRV) greenhouse gas (GHG) emissions, aligning with the Paris Agreement standards.
This collaboration is also geared towards strengthening Liberia’s institutional framework to prepare for results-based payments through platforms such as REDD+ and ITMOs. Key areas of focus will include developing the Forest Reference Emission Levels (FREL), improving the National GHG Inventory, and ensuring adherence to international reporting standards essential for engaging in the carbon market.
Furthermore, the CfRN will assist Liberia in developing its Biennial Transparency Report (BTR) and the necessary technical annex required by the United Nations Framework Convention on Climate Change (UNFCCC), positioning Liberia to identify its carbon potential and establish a solid National Forest Reference Emission Level (FREL).
The National Climate Change Steering Committee (NCCSC), Liberia’s top policy-making entity on carbon and climate-related matters, has appointed the Environmental Protection Agency (EPA), supported by the Forestry Development Authority (FDA), to spearhead the country’s carbon governance framework.
This partnership between the Government of Liberia and CfRN marks a pivotal moment in Liberia’s ambition to engage in the global carbon market, protect its vital forests, and create economic opportunities for local communities. The Environmental Protection Agency is dedicated to ensuring these initiatives promote sustainable development and enhance the well-being of all Liberians.
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