Kenya To Use Carbon Markets To Raise Carbon Finance

0
Reading Time: 2 minutes

Kenya's Environment and Climate Change Principal Secretary (PS) Festus K Ng'eno has said Kenya wishes to use the carbon markets to raise carbon finance to support its Nationally Determined Contributions (NDCs) and drive foreign direct green investments to benefit local businesses.

PS Ngeno added that the existing international carbon market under Article 6, CORSIA for international aviation and the voluntary carbon market offers the opportunity for Kenya to partner with other nations, international organizations and private entities to achieve its emission reduction goal.

Towards this end, the Ministry of Environment and Forestry, with the support of the United Nations Development Programme - UNDP, is preparing a National Framework for Market and Non-Market Mechanisms under Article 6 of the Paris Agreement.

The national framework will act as the overarching Article 6 strategy and provide clarity on several elements, including the eligibility criteria for potential mitigation activities; overall governance structure; acceptable standards and methodologies, and authorization process.

Eng. Ngeno called on the technical committee to learn from the counterparts in Rwanda and Ghana and deliver a collaborative and consultative framework in the shortest time possible.

The PS said this will include developing national entities' technical and institutional capacity to participate in the market.

"The capacity building of a critical mass of experts in the country will be important to ensure knowledge is entrenched to develop robust mitigation projects, track carbon projects and their impacts, negotiate on carbon pricing as well as attract investors," said PS Ngeno.

The Ministry will also develop necessary institutional arrangements to drive the process, including an article 6 technical and steering committee. The committees will benefit from trainings through a learning-by-doing approach.

Project Developers will be invited to register their existing and pipeline projects in an investment prospectus. This will be a one-stop information booklet on ready-for-market projects the country can already take to market under the newly developed framework.

A national carbon registry will be developed to allow the country to track all projects being undertaken in the country and will entail details on the quantity of carbon reduction generated, carbon pricing, beneficiaries, and buyers, amongst others. It will offer transparency and accountability.

UNDP Resident Representative Mr Anthony Ngororano said UNDP is committed and engaged in working with the government of Kenya to make Article 6 of the Paris Agreement a reality.

©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.
Leave A Reply

Your email address will not be published.

Translate »