Boakai strengthens Liberia’s carbon markets authority
By the AFREEQUE newsroom, based on The Liberian Investigator
Liberian President Joseph Nyuma Boakai is strengthening the powers of the Carbon Markets Authority, tasked with leading climate finance and Liberia’s participation in international mechanisms. His order also protects community rights and extends the deadline for preparing the law governing these activities, according to the Liberian presidency.
Liberian President Joseph Nyuma Boakai has strengthened the powers of the Carbon Markets Authority (CMA), the body responsible for overseeing Liberia’s carbon markets, through Executive Order No. 170, published on Wednesday. The order designates it as the lead government agency for climate finance and carbon market development, including Liberia’s participation in the trading mechanisms provided for under Article 6 of the Paris Agreement, according to the Liberian presidency, as quoted by The Liberian Investigator.
The order provides for the creation of an interim steering committee, chaired by the Minister of State for Presidential Affairs, as well as a national carbon credit registry. The registry will track their issuance, transfer and retirement in accordance with international standards, while the CMA will be required to publish quarterly reports on its operations, according to the presidency.
The new framework also protects communities’ rights over carbon resources and authorises the CMA to set fees to cover its costs, with the approval of the Ministry of Finance and Development Planning. It also extends the deadline for preparing legislation governing Liberia’s participation in international carbon markets. The order replaces and restates Executive Order No. 155, which Joseph Boakai considers insufficient to address the institutional, financial and regulatory gaps identified.
