Nairobi, Kenya — Kenya has unveiled plans to establish a carbon market, allowing public and private entities to trade emission reduction units and carbon offsets. This initiative aims to monetize the country’s climate actions and accelerate the growth of its green economy.
Peter Njenga, Managing Director and CEO of Kenya Electricity Generating Company (KenGen), announced that a technical structure is already in place to oversee the development of carbon projects and promote participation in carbon markets. KenGen is part of the Multi-Sectoral Technical Committee (MSTC), a high-level group tasked with creating the framework for the carbon market.
“The initiative is expected to catalyze the growth of Kenya’s carbon economy, paving the way for the country to monetize its climate actions through the sale of carbon credits,” Njenga said in a statement.
KenGen has already earned a cumulative 6.9 million carbon credits from six Clean Development Mechanism projects registered under the United Nations Framework Convention on Climate Change. These projects include the Olkaria II Geothermal Expansion, the Redevelopment of Tana Hydro Power Station, and the Ngong Wind Project.
By establishing the carbon market, Kenya aims to strengthen its position as a leader in climate action and renewable energy in the region. The MSTC will play a critical role in driving investments into climate projects and ensuring compliance with national and international regulations.
The introduction of a carbon market is expected to attract both local and international investors interested in sustainable development projects, further propelling Kenya’s commitment to combating climate change.
Reference(s):
cgtn.com
