The Acting Executive Director of Liberia’s Environmental Protection Agency(EPA) aims to access development finance to fulfill President Joseph Nyumah Boakai’s ARREST Agenda.
Dr. Emmanuel K. Urey Yarkpawolo, the Acting EPA Boss emphasized the importance of Liberia aiming to access transformational development finance from both bilateral and multilateral funding sources, as well as significantly increasing both climate adaptation and mitigation finance. This he believes is necessary to achieve President Joseph Nyumah Boakai’s ARREST agenda.
The EPA Boss disclosed that Liberia has made significant advances in the fight against climate change by producing many climate change reports on policies, greenhouse gases, adaptation, mitigation, technology needs assessment, and investment.
Speaking further, Dr. Yarkpawolo mentioned that Liberia aims to reduce its emissions by 64% by 2030 below the Business-as-Usual levels, which is an ambitious target. Liberia’s Revised Nationally Determined Contributions (NDCs) cover 9 key sectors, including Agriculture, Coastal Zone, Fisheries, Forestry, Energy, Health, Waste, Industries, and Transport. Despite its relatively low contribution to climate change, Liberia remains vulnerable to its impacts due to its geographical, socioeconomic, and climate profiles. These impacts affect crucial economic sectors and the livelihoods of the population.
He disclosed that the country is endowed with abundant natural resources including possession of over 40% of West Africa’s rainforest, serving as habitats to many species that are critical to the fight against climate change which despite Liberia not being able to benefit from international climate financing adequately terming it as good news for the country.
The EPA Boss acknowledged that Liberia, being a signatory to the Paris Agreement, commits to realizing its NDCs. However, the country needs predictable and adequate financing. He stated that Liberia’s readiness to engage in activities to access carbon markets to mobilize finance from our forests will increase our domestic revenue generation.
During the closing remarks, Dr. Yarkpawolo highlighted the daunting challenges and threats that Liberia faces about its forest resources. These threats he said come in the form of deforestation and the heavy reliance of local communities on natural forests for their livelihoods. These issues cause significant harm to the integrity of our ecosystems and the provision of essential ecosystem services. Unfortunately, efforts to mitigate these threats are hindered by the lack of alternative livelihood opportunities and economic incentives for forest communities.
However, the EPA Boss assured that financing to achieve the targets in the NDCs may come in part from carbon market mechanisms, and Liberia as per its NDCs wishes to consider the inclusion of international carbon market mechanisms, including cooperative approaches under Article 6 of the Paris Agreement, to help sustainably finance low-carbon investments.
He made this assertion on Saturday, March 2, 2024, at a High-Level Retreat for policymakers on the Potential and Opportunities for Carbon Investment in Liberia at Farmington Hotel in Margibi County.
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