In a significant move towards sustainability, Kenya is set to establish a carbon market that will allow both public and private entities to trade emission reduction units, offsets, and mitigation outcomes. This initiative was announced by an industry official on Monday, signaling Kenya's commitment to addressing climate change.
The Kenya Electricity Generating Company (KenGen), a key member of the Multi-Sectoral Technical Committee (MSTC), has played a pivotal role in setting up the technical structure necessary for the development of carbon projects. The MSTC, a high-level group, is responsible for creating the framework that will govern the country's new carbon market.
This carbon market is expected to not only help Kenya reduce its carbon footprint but also attract investments in green technologies and sustainable projects. By enabling the trading of emission reductions, Kenya aims to foster a collaborative effort between various sectors to achieve its environmental goals.
Experts believe that the establishment of this carbon market will position Kenya as a leader in environmental sustainability within the region, potentially inspiring other nations to adopt similar measures.
Reference(s):
cgtn.com
