Carbon
The Kenya Private Sector Alliance (KEPSA), in partnership with The World Bank, has launched the Carbon Market Guidebook for Kenyan Enterprises at a stakeholder-engaging event in Nairobi.
The guidebook aims to provide step-by-step guidance for Kenyan enterprises in various industries including agriculture, waste environment, forestry, trade, banking, insurance, manufacturing, energy, transportation, construction, and hospitality to navigate the complex and fast-evolving landscape of carbon markets.
“Carbon markets offer an alternative financing avenue that can empower enterprises struggling to access traditional climate finance,” noted Dr. John Wandaka – Vice-Chair of KEPSA Environment, Water and Natural Resources Sector Board during the launch.
He added that funding constraints hindered the ability of Kenyan enterprises to contribute meaningfully to climate action.
Dr. Wandaka said KEPSA acknowledges the recent legislative amendments and international agreements geared towards bolstering the country’s engagement in carbon markets, notably the 2016 Climate Change Act that underwent amendments last year to integrate carbon markets into the mainstream.
KEPSA has played a pivotal role in spurring green investments through initiatives such as co-chairing the Partnering for Green Growth and Global Goals (P4G) national platform with the National Treasury.
Through this platform, the organization has facilitated the implementation of 14 partnerships aimed at promoting sustainable practices, including the Partnership for New Plastics Economy in Kenya and Sustainable Special Economic Zones (SSEZs).
Council of Governors Chairperson of the Environment and Climate Change Committee Dr. Wilber Ottichilo lauded the timely release of the Carbon Market Guidebook, noting that it aligns with the urgent need to address climate change.
Governor Ottichilo added that by engaging with local governments and aligning with national climate objectives, private enterprises in the carbon markets space could contribute to emissions’ reduction while also fostering economic growth and community resilience.
While commending the partnership between KEPSA and The World Bank, Mr. Isfandyar Khan – Lead Financial Sector Specialist at The World Bank, noted that KEPSA provides a special linkage to the enterprise.
He also pointed out the ongoing digitization efforts in Kenya and in the global market where more companies were now using digital technology in the carbon market space.
The event brought together key stakeholders from both the public and private sectors to discuss opportunities and barriers that Kenyan enterprises faced when engaging in carbon markets.
Other speakers at the event included Mr. Stephen Odua – Director of Business Environment, Ministry of Investment Trade and Industry; Mr. John Elungata – Secretary for Administration, State Department of Environment and Climate Change among others.
Other leaders from KEPSA who attended the event included Mr. Victor Ogalo – Deputy CEO; Dr. Jackson Koimbori – Senior Circular Economy and Climate Change Coordinator at KEPSA; Ms. Emily Waita – Chair of the Environment, Water and Natural Resources Sector Board; Ms. Susan Maingi – Chair of Trade and Industry Sector Board; Mr. John Kalungi – Vice Chair, Lands and Housing Sector Board; and Mr. Ben Roberts – Chair, ICT Sector Board.
The event also provided an opportunity for exhibitors to showcase innovative carbon market-related solutions.
It also featured panel sessions on creating a policy-enabling environment for carbon markets in Kenya, and challenges and opportunities in the carbon market for Kenyan enterprises.
The Carbon Markets Guidebook provides credible information about regulations in understanding carbon credits as a way to mitigate greenhouse gas emissions.