Harnessing Africa’s untapped carbon credits market
As climate change accelerates and pressure mounts on companies and countries to up their game, demand for carbon credits has exploded, even as their reputation has taken a battering. CNBC Africa’s Flora Limukii brings us an exclusive interview with Festus Ng’eno, Kenya’s Principal Secretary for Environment and Climate Change who is in Rwanda attending the 7th Global Policy Forum on Natural Capital.
Thu, 07 Mar 2024 15:10:54 GMT
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AI Generated Summary
- Amendments to the Climate Change Act of 2016 have enabled Kenya to incorporate carbon markets, emphasizing compliance with UNFCCC guidelines and the promotion of transparency, integrity, and benefit sharing.
- The forthcoming carbon market regulations in Kenya are expected to open up avenues for climate finance, funding essential programs for climate resilience, adaptation, and sustainable development.
- Kenya's focus on carbon trading aligns with its commitment to reduce carbon emissions by 32% by 2030, supporting the country's efforts to achieve its Nationally Determined Contributions and promote a low-carbon economy.
Kenya is making significant strides in the carbon market space, with the recent amendments to the Climate Change Act of 2016 paving the way for the incorporation of carbon markets. Festus Ng’eno, Kenya’s Principal Secretary for Environment and Climate Change, shed light on the country's journey towards harnessing carbon credits to drive investments in climate change mitigation and sustainable projects. The amendments were crucial in establishing a framework that balances both the compliance market and the voluntary carbon market, ensuring transparency, integrity, and benefit sharing within the sector. Ng’eno emphasized the importance of transitioning towards compliance with UNFCCC guidelines, specifically under Article 6.2 and Article 6.4, to enhance reporting and accountability in carbon trading activities. With the final stages of regulations near completion, Kenya is poised to unlock new opportunities in climate finance and support communities in pursuing green initiatives. The country's focus on climate financing through carbon credits is set to play a vital role in funding essential programs for climate resilience, adaptation, and sustainable development. By providing clear guidelines and incentives for project developers, Kenya aims to maximize the potential of carbon markets to meet its Nationally Determined Contributions (NDCs) and reduce carbon emissions. The upcoming carbon market regulations, along with planned initiatives in energy, transport, and clean cooking sectors, underscore Kenya's commitment to a low-carbon economy and a greener future. As the country aligns its greenhouse gas inventory with climate targets, stakeholders are optimistic about the prospects of leveraging carbon trading to drive sustainable growth and environmental stewardship.
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