Ruto said Communities Fighting Climate Change Should Benefit From Carbon Credits.
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 some proceeds had been invested toward 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 the African Carbon Markets Initiative (ACMI).
President Ruto noted that Kenya was committed to working with initiatives such as ACMI to expand carbon markets and credit opportunities.
He said the country will generate more than 30 million tonnes of carbon credits annually, earning income 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, intermediaries capture about 80 per cent of the value of some carbon credits.©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.