Kenya plans to establish carbon market

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Kenya plans to establish a carbon market, allowing public and private entities to trade emission reduction units, offsets and mitigation outcomes, an industry official said Monday.

Kenya has already set up a technical structure to supervise the development of carbon projects and promote participation in carbon markets, according to Kenya Electricity Generating Company (KenGen), a member of the Multi-Sectoral Technical Committee (MSTC), a high-level group charged with creating the framework for the country's carbon market.

A giraffe strolls near the city, Kenya. /CFP

"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," said Peter Njenga, managing director and chief executive officer of KenGen, in a statement issued in Nairobi, the capital of Kenya.

Njenga noted that 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. He revealed that the projects include the Olkaria II Geothermal Expansion, the Redevelopment of Tana Hydro Power Station and the Ngong Wind Project.

KenGen said that it aims to strengthen Kenya's position as a leader in climate action and green energy.

Njenga added that the MSTC will play a critical role in driving investments into climate projects and ensuring compliance with national and international regulations.

(Cover: View of the 1.3megawatt solar farm near Nyeri, Kenya, September 12, 2024. /CFP)

Source(s): Xinhua News Agency