The Kenya Private Sector Alliance (KEPSA), in partnership with The World Bank, has launched the Carbon Market Guidebook for Kenyan Enterprises in a. bid to provide information about regulations on carbon credits as a way to mitigate greenhouse gas emissions.
“I applaud the timely release of the Carbon Market Guidebook, noting that it aligns with the urgent need to address climate change.The engagement between the local government and the private enterprises in the carbon markets space, can contribute to emissions reduction .It will further foster economic growth and community resilience,”said Dr. John Wandaka – Vice-Chair of KEPSA Environment, Water & Natural Resources Sector Board.
Launched on April 12 ,2024 the guidebook intends to demystify the landscape of carbon (credit) markets in Kenya and share good practices across the carbon project development life cycle. It outlines the key practical steps involved in developing and navigating a successful carbon enterprises .The team, however, recognizes that the carbon market is rapidly evolving.It would therefore need regular updates to reflect the latest market and policy developments in Kenya and globally.
In attendance were key stakeholders from both the public and private sectors.Through a panel discussion they discussed opportunities and barriers that Kenyan enterprises face when engaging in carbon markets.
One particular challenge noted was the lack of finance to drive their agendas forward.
“Carbon markets offer an alternative financing avenue that can empower enterprises struggling to access traditional climate finance .Though funding constraints hinder the ability of Kenyan enterprises to contribute meaningfully to climate action,”noted Dr. John Wandaka – Vice-Chair of KEPSA Environment, Water & Natural Resources Sector Board.
Through the patnership the platform would also promote sustainable practices, including the Partnership for New Plastics Economy in Kenya and Sustainable Special Economic Zones (SSEZs).
The event also provided an opportunity for exhibitors to showcase carbon market-related solutions.
