President William Ruto has said the carbon credits market should benefit communities fighting the adverse effects of climate change.
He said Kenya is already a leader in the generation of carbon credits in Africa, accounting for over 20 per cent of the continent’s volume over the past five years.
The President noted that a portion of proceeds have been invested towards funding clean cooking and solar home systems.
“Although we are just getting started, the beneficial impact of the nascent carbon credit regime holds tremendous promise,” he said.
He was speaking on Tuesday in Sharm El-Sheikh, Egypt, during the launch of African Carbon Markets Initiative (ACMI).
President Ruto noted that Kenya was committed to working with initiatives such as ACMI in expanding carbon markets and carbon credit opportunities in our country.
He said the country will be generating more than 30 million tonnes of carbon credits annually, earning incomes and creating green jobs for the youth.
“These resources would accelerate landscape restoration, expansion of forest cover, tree growing, clean cooking and agroforestry,” he explained.
However, the President said it is vital that there are carbon markets that work for Kenyan and African communities.
He said currently, about 80 per cent of the value of some carbon credits are captured by intermediaries.