The voluntary carbon market is growing rapidly, and Kenya is a major player in this market. In 2021, Kenya accounted for 23% of the value of carbon credit issuances in Africa. The country has set a goal of generating 100 million carbon credits by 2030.
There are a number of factors that are driving the growth of the voluntary carbon market in Kenya.
- The country’s abundant renewable energy resources.
- Its long history of forest conservation.
- The government’s commitment to climate action.
The growth of the voluntary carbon market could create up to 1 million jobs in Kenya by 2030. However, there are a number of challenges that need to be addressed in order to fully realize this potential.
- The lack of a clear regulatory framework.
- The high cost of certification.
- The lack of awareness among businesses and consumers.
The Kenyan government is working to address these challenges. In 2023, the government developed a draft Climate Change (Amendment) Bill, which aims to amend the present Climate Change Act, 2016 to include carbon credit trading. The bill is yet to be tabled in the National Assembly.
Despite the challenges, Kenya is well-positioned to be a major player in the voluntary carbon market. By addressing the challenges and taking advantage of the opportunities, Kenya can tap into this growing market and reap the economic and environmental benefits.
