Kenya plans to launch a carbon trading platform to facilitate the trade of carbon credits and to help drive renewable energy.
Kenya plans to create a carbon trading market to help drive clean tech and carbon emissions reduction within the country and across Africa. The carbon trading platform is expected to be open for business by the middle of next year, and it will be the first of its kind in Africa, enabling all African countries to sell their carbon credits.
The carbon offsets trading platform is meant to help kick-start foreign investment in renewable energy and forestry projects under the UN’s Clean Development Mechanism CDM and REDD+ mechanisms. According to scientists, carbon dioxide is one of the main gases causing climate change, and such exchanges are one way to offset carbon emissions. One carbon credit is equal to one tonne of carbon dioxide, or in some markets, carbon dioxide-equivalent gases.
Some forecasts warn that Africa will be badly affected by climate change, even though most of the carbon emissions which cause it are produced in the West and Asia. The UN CDM has seen more than 5000 projects developed around the developing world over the last six years, but Africa has largely missed out with less than 150 getting off the ground.