By Festus Poquie
Liberian President Joseph Boakai Friday issued Executive Order setting up a national regulator that will accelerate and guide the country’s entry into the global carbon markets.
The Carbon Markets Authority “will serve as the lead national entity for all matters related to climate finance and carbon markets development.”
It will oversee policy formulation, market participation and compliance with international frameworks such as the Paris Agreement, ensuring Liberia’s active role in global carbon trade and emission reduction initiatives.
A National Carbon Registry, tasked to track carbon credit issuance and transactions was also established.
Likewise the Liberian Carbon Investment Fund, to manage revenues from carbon market activities and reinvest in climate-resilient projects such as rural electrification, clean water access, climate-smart infrastructure, green education and training and smallholder reforestation and conservation was also created.
Former Agriculture Minister Jeanine Cooper, now serving as Presidential Envoy on Climate Action, will head the CMA as Chief Executive Officer, the president said Friday.
“This Executive Order reflects our government’s determination to protect our environment, empower our communities, and unlock the full economic potential of our natural resources through responsible and transparent climate governance.”
Liberia has about 6.6 million hectares of forest cover, equivalent to 69% of the country’s landmass, with 153.45 tons per hectare of carbon, according to the United Nations Development Program.
In 2023, Liberia signed agreement with Dubai-based company Blue Carbon for the exclusive rights to generate and sell carbon credits on 2.5 million acres of forest land. A change in political leadership and lack of regulatory body stalled negotiation on the deal.
