Honiara, Solomon Islands, October 20, 2024 – The Solomon Islands Government, in partnership with the Global Green Growth Institute (GGGI), has officially launched the Solomon Islands Carbon Trading Policy Project in Honiara. This groundbreaking initiative aims to create an inclusive policy framework to guide carbon trading activities across the nation, positioning the Solomon Islands to leverage carbon markets as a vital element of its sustainable development strategy.

This project is a key component of Phase 2 of the Low Emission Climate Resilient Development (LECRD) Program, with support from the Governments of New Zealand and Ireland. The launch took place during an inception workshop that brought together key officials from various ministries, including the Ministry of Environment, Climate Change, Disaster Management, and Meteorology (MECDM), the Ministry of Forestry and Research (MoFR), the Ministry of Finance and Treasury (MoFT), the Office of the Prime Minister and Cabinet (PMO), and several others.

Civil society organizations, such as the Solomon Islands National Council of Women, Development Services Exchange (DSE), WWF-Solomon Islands, and The Nature Conservancy (TNC), were also present, alongside international partners including British High Commissioner Thomas Coward and representatives from New Zealand, Australia, the U.S. Millennium Challenge Corporation, and the European Forest Institute.

Thaddeus Siota, Director of Climate Change at MECDM, emphasized the project’s significance, stating, “We understand our vulnerability to climate change and recognize the need for decisive action to mitigate its impacts. The Solomon Islands Carbon Trading Policy presents an innovative opportunity to engage with the international community, reduce greenhouse gas emissions, and enhance local livelihoods.”

Richard Raomae, Permanent Secretary of MoFR, highlighted the urgency of the initiative, asserting, “This is a critical priority for the Solomon Islands Government. Close collaboration among ministries and stakeholders is essential to create a framework that benefits local communities and developers.”

The Solomon Islands Carbon Trading Policy Project aims to:

• Enhance Understanding: Increase knowledge among government and stakeholders about international carbon markets, ensuring equitable benefits for women and marginalized groups.
• Institutional Framework: Identify optimal governance structures to support carbon trading and ensure fair benefit distribution.
• Inclusive Policy Development: Develop a transparent Carbon Trading Policy that communicates government intentions to both international markets and local communities.

Led by the MECDM and MoFR, with technical support from GGGI and funding from New Zealand and Ireland, the project will conduct extensive consultations over the coming months. These will engage a wide range of stakeholders, including landowners, environmental groups, the private sector, and especially women and marginalized communities.

Saki Tuisolia, GGGI’s country representative for the Solomon Islands and Papua New Guinea, expressed optimism about the project’s potential. “This marks the beginning of an exciting journey toward a low-carbon, climate-resilient future for the Solomon Islands. We are laying the groundwork for sustainable development that harmonizes economic growth with environmental preservation.”

The first round of stakeholder consultations is set to begin next month, focusing on creating a policy that is equitable, transparent, and tailored to the unique needs of the Solomon Islands.