Since Liberia has committed 30% (1.5 million ha.) of its forest area to its Protected Area Network, this offers the biggest opportunity for (up-front) incentive payments under Voluntary Carbon Markets. Preliminary estimates suggest a relatively meager investment to protect permanently the heart of the West African hotspot may be roughly $5 million in start-up costs, with annual recurrent costs of less than $5 million. The annual foregone opportunity costs are estimated to be at least $6.4 million annually. The Protected Area Network will contain over 1/3 of Liberia's forest carbon or roughly 1.3 GtCO2. If these potential future emission reductions were monetized over a period of between 30 to 200 years at an average $10 price per tCO2, then the Net Present Value may be between $3 billion and $450 million assuming constant emission reductions and a discount rate of 15%.