The Ministry of Finance, UNDP Organised A Day Inception Workshop On The Development 0f A Carbon Market Policy Framework for Sierra Leone.

The Climate Finance Unit of the Ministry of Finance, in collaboration with the United Nations Development Programme (UNDP) and partners, discusses the Carbon Market Policy Framework for Sierra Leone in a workshop held at Freetown City Council building, Wallace Johnson Street Freetown, on Wednesday 12th June 2024.

Opening the workshop, the Head of the Climate Finance Unit, Sellu McCarthy, stated that some Countries have failed in managing and trading their carbon assets because of the lack of proper policy and legal framework to guide them in implementing climate change issues.

He further stated the carbon policy framework is critical to the overall road map for national climate change legislation the Ministry of Environment is developing.

In her keynote address, the Deputy Minister of Finance 1, Madam Kadie Allie, said Sierra Leone updated the Nationally Determined Contributions (NDC) of 2021, which commits to reducing greenhouse gas emission levels to 5% by 2025 and 10% by 2030 and 25% by 2050 through unconditional and conditional measures.

She continued that to deliver on these goals, the Nationally Determined Contributions (NDC) will cost $2.8 billion for the full implementation and that the government is committed to mobilising domestic financial resources to fund projects in the NDC.

Madam Kadie Allie mentioned that while the Ministry is seeking international financial support to achieve our targets, the government intends to use different climate finance sources, including international carbon market mechanisms and cooperative approaches, including Article 6 of the Paris Agreement.

“It is in this context that the Ministry of Finance requested financial support from UNDP to develop a national carbon market framework to facilitate Sierra Leone’s readiness for carbon market opportunities under Article 6 of the Paris Agreement” she added.

The Deputy Minister I also noted that the lack of an explicit strategy to guide and monitor the flow of green finance into the Country has given rise to uncoordinated green financing activities around the Country between partners and government agencies as well as with NGOs who are beneficiaries of green financing.

The Minister ended by thanking UNDP and all other players in the Climate Sector and committed the government of Sierra Leone to strengthen the legislative framework around forest protection and relative environment issues to leverage climate finance from forests, including carbon credits, Reducing Emissions from Deforestation and Forest Degradation (REDD+).

The Team Lead from UNDP, Tanzila Watta Sankoh, said the United Nations Development Programme (UNDP) is committed to supporting countries like Sierra Leone to address climate change and promote sustainable development.

She noted that Carbon pricing and markets are critical tools for reducing greenhouse gas emissions and promoting the transition to a low-carbon economy.

Madam Sankoh also mentioned that putting a price on carbon can incentivise businesses and individuals to reduce their emissions and invest in clean energy solutions.

“Sierra Leone, like many countries, is already experiencing the impacts of climate change, including more frequent and severe droughts, floods and other extreme weather events,” she said.

She encouraged all stakeholders to actively participate in developing the Sierra Leone Carbon policy framework.

Mr. David Bathalomew of Invest Salone joined all other speakers in the workshop to emphasise the importance of collaboration around climate change issues.

He thanked the Ministry of Finance and UNDP for organising this important workshop to develop a framework to guide the work of Climate change issues in Sierra Leone.

 

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