“Liberia’s Future Is Green”

After participating in a series of Climate Week events in New York City, Deo Delaney, President of the Liberia Bank for Development & Investment (LBDI), says he is “more confident than ever” in his plan to build a climate finance program at Liberia’s only development finance institution.

Held from Sept. 19 - 25, on the margins of the United Nations General Assembly meetings, the Climate Week events included speeches, panel discussions, roundtable meetings, and several receptions. 

“Whether the topic was as focused as carbon capture or as broad as the state of the global economy, the global food security crisis or global health,  there was one topic that was a consistent sidebar to all of those conversations: climate resilience – and by extension, climate finance,” said Delaney. 

“This is significant for Liberia. We own the largest share of West Africa’s Upper Guinean rainforest. This is an unprecedented opportunity for us,” he added. 

The Upper Guinean rainforest stretches from Guinea through Sierra, Leone, Liberia, Ivory Coast, Ghana, Togo, and ends in Benin. Last month, Delaney was named co-chair for Creative Financing & Bonds Issuance for Liberia’s Carbon Consultative Group of the National Climate Change Steering Committee. 

In that role, the Government of Liberia has charged Delaney with developing a framework for the issuance of bonds against Liberia’s forest assets that meet international governance, policy, environmental and social standards.  In partnership with the Forestry Development Authority, Delaney will also take stock of the blue carbon sources and lead in developing partnerships with local and international partners to lay the groundwork for carbon markets in Liberia. 

“Here is LBDI’s chance to drive economic development in Liberia at scale in a way that is innovative, imaginative and technical yet practical and feasible,” Delaney added. “The bank can raise capital from investors outside of the country while shoring up support from the government in the form of grants and loans.”

 Meanwhile, Harrison Karnwea, Board Chair of Liberia’s Forest Development Authority, says climate finance is critical to Liberia’s economic future. 

“Our country has one of the largest areas per capita of protected tropical rain forests in the West African sub-region. But how is the country – and the average Liberian – benefitting from these restrictions we have placed on deforestation, hunting and other activities that harm that precious biodiversity?” asked Karnwea. 

“I’m calling on world leaders to prioritize Liberia and recognize how we are contributing climate resilience in a way that benefits Liberia for generations.”

Delaney has said that he has begun conversations with other development finance institutions (DFIs) as well as multilateral development banks (MDBs) and aid agencies based in Liberia and around the world to secure support for the project.  While attending Climate Week events, Delaney noted that he established connections with a range of people he has already been engaging to facilitate his work with the National Climate Steering Committee. 

“I am particularly excited about partnerships that will involve our young people in climate resilience efforts and exploring ways our climate finance programs can help spur economic inclusion that targets unbanked young entrepreneurs like keh keh and pen pen drivers,” he said. 

“There is an international project I’m engaging called the Climate Youth Negotiators Programme that trains youth in decision making and around about climate and equips them participate in our global conversations and negotiations on climate,”  Delaney stated. 

Marie Claire Graf, the co-founder of the Switzerland-based Youth Negotiators program, also attended the New York City conference and met with Delaney.  He has also begun to seek the expertise of consultants to advise LBDI as the bank plans to build its capacity.

“It will be a step-by-step project, but it is important to build a foundation for this work that is sturdy and sustainable. The Climate Week conference confirmed that the future of Liberia is green,” Mr. Delaney concluded. 

About the Liberian Bank for Development and Investment 

The Liberian Bank for Development & Investment (LBDI), is Liberia’s largest and only development finance institution, was created by an Act of the National Legislature in 1961. 

Since 1988, it has also acted as a commercial bank.  The bank was established by the Liberian government and several foreign development companies to help develop the financial infrastructure in Liberia. LBDI was established under the joint initiative of the Liberian government and major international financial institutions that purchased equity in the Bank. 

LBDI is predominantly a privately owned institution under private management and a Board of Directors elected annually by its shareholders. The bank commenced operations in 1965 as the Liberian Bank for Industrial Development and Investment. Under an amendment in 1974, the name was changed to the Liberian Bank for Development and Investment.