Building a Sustainable and Resilient Carbon Market in Sierra Leone
Discover insights and recommendations in Analysis of the Carbon Market Landscape in Sierra Leone
This rapid situational analysis of the carbon market landscape in Sierra Leone is the culmination of an effort to document and assess the carbon market landscape in Sierra Leone. Commissioned by Invest Salone and undertaken by Cadmus, it reflects a snapshot of the current state of the carbon market in Sierra Leone, including stakeholder priorities, opportunities for support, areas of risk and actionable recommendations to support a long-term, viable, transparent, and equitable marketplace.
Corey Nelson, a principal at Cadmus and one of the report’s authors, noted: “Early and informed engagement of the private sector and an open and transparent dialogue with the public sector are key components for the success of not only a sustainable, but a resilient, carbon marketspace. Sierra Leone is poised to build on best practice and avoid risky pitfalls to champion a carbon market that can become a model for the region – one that is accessible, equitable, and puts communities first. The moment is now, and giving the private sector a seat at the table will catalyze a coalition focused on responsible investment for the whole of Sierra Leone.”
The report also provides key government ministries, private sector actors, non-governmental organizations (NGOs)/civil society organizations (CSOs) and international donors and investors currently engaged (and those planning to participate) in the burgeoning carbon market in Sierra Leone with a high-level overview/mapping of all existing stakeholders (private and public) working in the carbon offset (and tangential) investment space, as well as an understanding of the regulatory environment and power dynamics that will need to be navigated to harmonize policy and programming.
Key Findings
- A key recommendation from the report is the creation a “carbon coalition” of responsible investors. This coalition could bring together private sector representatives to coordinate and support the development of a credible carbon credit market in Sierra Leone.
- Additional work is needed to protect the rights of local and indigenous communities. The report concludes that community-based organizations and community representatives must be involved from the outset and, where carbon projects take place, benefits for local communities must be included in national policies and regulations.
- International development partners could help meet the need for high-quality, accessible data to support the market’s growth by providing direct funding and technical assistance to established data collection institutions so that established indicators can accurately measure progress and impact.
Read the full Invest Salone press release, New report finds public and private sector collaboration is essential for a credible carbon market in Sierra Leone
About Invest Salone
Invest Salone is a UK government-funded, private sector development programme, implemented by Cadmus, that boosts investment in key sectors by strengthening the pipeline of investible firms and projects; supporting firms to grow their exports; and helping the private and public sectors to find lasting solutions to investment blockages that hamper business growth. The overall aim is to increase incomes and jobs for thousands of Sierra Leonean women and men.