Gambiaj.com – (BANJUL, The Gambia) – In a significant move to address climate change, the Ministry of Environment, Climate Change and Natural Resources has validated the draft Carbon Trading Bill. This new framework aims to promote sustainable development and position The Gambia as a leader in climate action.

DPS Bubacarr Zaidi Jallow, speaking on behalf of the Permanent Secretary, highlighted the bold steps The Gambia is taking to tackle the global climate crisis. “This groundbreaking legislation, if enacted, would establish a national framework for reducing greenhouse gas emissions and promoting sustainable development through market-based mechanisms,” said Jallow.

The draft bill outlines a comprehensive approach to carbon trading. Key components include the establishment of a national carbon registry, the development of emissions reduction targets, and the creation of a trading platform for businesses and individuals to buy and sell carbon credits. By providing financial incentives for emissions reduction, the bill aims to drive investment in renewable energy, energy efficiency, and other climate-smart technologies.

“The potential benefits of a well-designed carbon trading scheme are numerous,” Jallow continued. “It can help The Gambia meet its international climate commitments under the Paris Agreement, contribute to global efforts to mitigate climate change, and stimulate economic growth by creating new jobs and investment opportunities in the clean energy sector. Additionally, it can promote innovation and technological advancements as businesses seek more efficient ways to reduce their carbon footprint.”

Engaging in carbon trading presents The Gambia with a unique opportunity to generate revenue from its natural resources and climate-resilient initiatives. By participating in carbon trading, The Gambia can capitalize on its rich biodiversity, such as its mangroves and forests that act as natural carbon sinks.

This allows for the generation of carbon credits, which can be sold to developed nations needing to offset their emissions. The revenue from carbon trading can be utilized in renewable energy, sustainable agriculture, and climate adaptation measures, enhancing The Gambia’s resilience to climate change impacts.

The Ministry of Environment, Climate Change and Natural Resources’ validation of the draft Carbon Trading Bill marks a significant step towards a sustainable future for The Gambia, demonstrating the nation’s commitment to climate action and sustainable development.