The government is currently crafting regulations to bolster carbon markets and mitigate carbon emissions.
Speaking during the Kenya Carbon Markets Conference, Environment Cabinet Secretary Soipan Tuya revealed ongoing efforts to finalize the development of carbon trading, carbon registries and non-market approaches regulations.
“We initiated the process of developing carbon markets regulations last year and continue to receive overwhelming comments from stakeholders. My Ministry is currently reviewing these comments for incorporation in the regulation where and as appropriate,” said Tuya.
Tuya, however, decried the lack of public awareness about carbon markets among Kenyans saying the Ministry is putting in mechanism to address the issue.
“Despite the incremental progress, we have to acknowledge the institutional, technological and capacity gaps in carbon markets required to design and operationalize the legal framework and the carbon registry,” Tuya stated.
The CS further called upon the private sector to support the government in the development of carbon markets and carbon finance.
Carbon markets are trading systems in which carbon credits are sold and bought. Companies or individuals can use carbon markets to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions.
Last year, the National Assembly passed the Climate Change (Amendment) Bill aimed at establishing comprehensive legislative provisions for both regulated and unregulated markets.
The law sought to amend the Climate Change Act of 2016 to effectively regulate carbon markets while enhancing the mandates of key institutions involved in their regulation.
The legislation further provides an additional revenue stream to support sustainable development but also to support the country’s endeavor to comply with the Paris Agreement which Kenya ratified and became a party to in 2016.
Article 6 of the Agreement encourages Parties to raise their mitigation ambition through carbon markets and non-market approaches.
