26.9 C
Monrovia
Monday, November 11, 2024

Liberia: Blue Carbon Credit Deal Seeking 2.5 Million Acres Blocked in Fresh Ban

Must read

Liberia’s National Climate Change Steering Committee (NCCSC) is considering a moratorium on carbon trading until the government can finalize recommendations on supervising the carbon market. This move comes in the wake of a damning report by Forest Trends that highlighted widespread non-compliance and legal violations in Liberia’s forestry sector.

The Forest Concession Review (Phase II) report, released in 2023, found that logging companies were illegally issuing logging licenses, communities affected by logging had only received 15% of the compensation they were owed, and the Forestry Development Authority (FDA) had inadequate record-keeping, making it impossible to ensure legal compliance in the forestry sector.

The report recommended a suspension on all new forestry licenses, including for carbon projects, until the FDA can demonstrate its ability to manage the forestry sector and enforce Liberia’s laws.

This move is seen as critical, as a recent deal between the Liberian government and Dubai-based company Blue Carbon for the exclusive rights to generate and sell carbon credits on 2.5 million acres of Liberia’s forests has raised concerns about transparency, impact on local communities, and compliance with Liberian laws.

Forest Trends has commended the NCCSC’s consideration of a temporary halt on carbon trading, stating that strong forestry governance is crucial to reducing illegal logging, improving community benefit-sharing mechanisms, and increasing sustainable forest management in Liberia.

This move comes as countries work toward decisions on Article 6 of the Paris Agreement, which deals with carbon markets, and good governance will be a vital part of making a national carbon market system work for forests, communities, and governments.

 

Latest article