Kenya is set to establish a carbon market, paving the way for public and private entities to trade emission reduction units, offsets, and mitigation outcomes. This initiative aims to bolster the country’s efforts in combating climate change while promoting sustainable economic growth.
An industry official announced on Monday that Kenya has already laid down the technical foundation necessary for the development of carbon projects. The Kenya Electricity Generating Company (KenGen), a key member of the Multi-Sectoral Technical Committee (MSTC)—a high-level group tasked with crafting the framework for the nation’s carbon market—confirmed this development.
The MSTC is instrumental in supervising the creation of carbon projects and encouraging participation in carbon markets. By setting up this technical structure, Kenya positions itself as a leader in carbon trading within the region, offering new opportunities for investors and businesses keen on sustainable ventures.
The establishment of a carbon market is expected to attract both local and international investors, providing a platform for trading carbon credits and supporting the global agenda on reducing greenhouse gas emissions. This move aligns with Kenya’s commitment to environmental conservation and its goals under international climate agreements.
Reference(s):
cgtn.com
