The Liberian Development and Investment Bank (LBDI) has made a landmark decision that will help it leverage climate change finance to finance the country’s development agenda.
The bank recently appointed dr. Paul Ryan, a leading global expert on climate finance, as one of its board members to support Liberia’s climate finance initiative.
Ryan is Head of International Finance and Climate Change at the Irish Department of Finance. He is responsible for policy development and implementation across a range of international financial institutions and multilateral development banks (MDBs) such as the IMF, the World Bank and the African Development Bank.
The Department of International Finance and Climate Change also covers climate action, which includes international climate finance, as well as domestic climate action and sustainable finance. Ryan has experience in other Irish government departments, including education and science; Environment and local government; and justice. He was a university lecturer in geography for which he received his doctorate. along with qualifications in accounting and finance.
Ryan will assist the Government of Liberia in developing and implementing a new strategic vision for LBDI. He will work closely with the bank’s new chief executive, Deo Delaney, to achieve this goal. Delaney previously worked with the Beijing-based Asian Infrastructure Investment Bank (AIIB), of which Ireland is a shareholder, and has also worked with the European Commission and Accenture.
LBDI is currently developing a greater focus on climate-related activities in areas such as SMEs. The Ministry of Finance and Development Planning also plans to appoint people with experience in development, climate and Africa outside of Liberia to the Bank’s board.
However, Ryan promised that, in addition to his role as a member of the LBDI Board of Directors, he would try to further develop Ireland-Liberian relations in a number of areas.
Recently, Liberia’s Minister of Finance and Development Planning, Samuel Tweh, told the 8th meeting of the Climate Change Steering Committee at the Ministry of Agriculture in Congo City that Liberia is positioning itself to access the carbon market and issue green bonds.
Green bonds raise funds for new and existing projects that deliver environmental benefits and a more sustainable economy. Green bonds can include renewable energy, sustainable resource use, conservation, clean transportation and climate change adaptation.
The meeting was attended by representatives of several government ministries and agencies, including the Environmental Protection Agency, the Directorate for Forestry Development, the Ministry of Agriculture, Mining and Energy, Transport and Gender and Child Welfare.
The gathering also attracted representatives from development partners including the European Union, the United States Embassy, the United Nations Development Program (UNDP), local environmental groups and the private sector. Tweah said the carbon credit and green bond issuance must only be processed through the National Climate Change Secretariat (NCCS).
The Carbon Consultative Group is a subset of the NCCS consisting of 26 members including all associated development partners who serve as a think tank for technical discussions.
