The Executive Director of the Environmental Protection Agency Dr.Emmanuel Urey Yarkpawolo has called for a comprehensive platform for West African nations to access finance that could drive sustainable development and effective climate actions.
Speaking at the regional gathering the EPA’s boss expressed optimism that the outcomes of the workshop would be transformative, highlighting the necessity for carbon pricing mechanisms that accurately reflect the environmental and social values of reduced emissions.
He also called for urgent regional collaboration resonating among participants.
Among other things, the West Africa Carbon Market Hub Workshop represents a pivotal step in advancing sustainable development and climate resilience across West Africa.
It is an initiative created by and for West African countries in 2017.
Driven by the needs of its members, the Alliance aims to enhance the position of West African countries in international carbon markets, benefit from technology transfers, and access result-based climate finance for NDC implementation.
Dr. Yarkpawolo at the same time underscored the pressing need for regional solidarity in building effective carbon markets, asserting that such alliances are essential for economic sovereignty.
Highlighting Liberia’s proactive stance, The EPA boss reiterated the commitment of President Joseph N. Boakai, Sr. to engage in carbon trading.
This initiative aims to harness carbon credits for the conservation of Liberia’s forests and mangroves, which represent over 40 percent of the remaining forest cover in West Africa.
Liberia’s ambitious five-year developmental strategy, the ARREST Agenda for Inclusive Development (AAID), he stated seeks to generate $8.4 billion, with the EPA tasked with securing a portion of such funding through carbon market initiatives.
The event, held in Dakar, Senegal marks the second workshop of its kind, following the inaugural session in Ivory Coast and brought together Its membership including Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
The workshop gathered a diverse assembly of ministers, diplomats, and environmental dignitaries from West Africa.
It aimed to enhance policymaker capacities and promote collaboration between project developers and service providers.
Central to the discussions was the critical importance of Article 6 of the Paris Agreement, designed to facilitate effective benefit-sharing and knowledge exchange in carbon markets.
Dr. Yarkpawolo underscored the pressing need for regional solidarity in building effective carbon markets, asserting that such alliances are essential for economic sovereignty.
Highlighting Liberia’s proactive stance, The EPA boss reiterated the commitment of President Joseph N. Boakai, Sr. to engage in carbon trading.
This initiative aims to harness carbon credits for the conservation of Liberia’s forests and mangroves, which represent over 40 percent of the remaining forest cover in West Africa.
Liberia’s ambitious five-year developmental strategy, the ARREST Agenda for Inclusive Development (AAID), seeks to generate $8.4 billion, with the EPA tasked with securing a portion of this funding through carbon market initiatives.
The Executive Director announced Liberia’s progress towards achieving a 64% reduction in greenhouse gas emissions by 2030 in comparison to business-as-usual scenarios. Despite contributing minimally to global climate change, he mentioned that Liberia faces severe impacts from its effects, leading to a focus on climate adaptation in its revised Nationally Determined Contributions (NDCs) 3.0.
Dr. Yarkpawolo expressed appreciation for the ongoing support from the West African Alliance and its partners, recognizing their role in bolstering Liberia’s capacity to address climate challenges, particularly with Article 6 of the Paris Agreement.
