NAIROBI, Kenya — Kenya has just introduced a national carbon registry, aiming to become a key player in the global carbon credit market. This initiative comes at a time when there is increasing scrutiny on climate offset markets.
The new registry, launched by the Ministry of Environment and the National Environment Management Authority, will track carbon credit projects and verify emissions reductions. This is important because double counting has been a major issue in carbon markets, reducing trust among investors.
Developing nations, including Kenya, are eager for a larger slice of climate financing, which is guided by the Paris Climate Agreement. This agreement, signed over ten years ago, aims to limit global warming to well below 2 degrees Celsius.
Despite Africa’s vast carbon sinks, it attracts only a small fraction of global carbon market investments. Kenya seeks to change this by leveraging its forests, grasslands, and renewable energy resources to draw in foreign investment, while also ensuring local communities benefit.
Carbon markets work by allowing countries and companies to offset their emissions. They can buy credits from projects that either reduce or remove carbon dioxide emissions. However, many critics have pointed out that poor oversight and exaggerated claims harm the credibility of these programs.
“Today, that narrative changes,” said Deborah Mlongo, the Environment Cabinet Secretary. She emphasizes that the launch signifies Kenya’s commitment to transparency and integrity in carbon markets.
The new registry will provide a clear accounting system, aligning with international standards. It will track project approvals and emissions reductions, ensuring compliance with international carbon trading rules.
Interest is already high among developers and investors, with over 80 carbon project concept notes submitted, according to officials. Ali Mohamed, Kenya’s special climate envoy, noted that the registry is essential for building a trustworthy carbon market.
Kenya’s government believes that carbon markets can drive significant investments while promoting conservation and job creation. Festus Ng’eno, the Environment Principal Secretary, stressed the importance of a system that benefits both communities and investors. It aims to protect the rights of those who actively preserve forests.
This registry will also integrate a forestry carbon registry launched last year to support Kenya’s ambitious tree-growing program.
Financial support from Germany’s development agency, GIZ, has been instrumental in this project. They have contributed 2.4 million euros ($2.6 million) to enhance Kenya’s carbon market readiness.
Analysts argue that centralized national registries are crucial for earning back trust in carbon markets, which have been under the microscope for dubious credits.
The registry is anticipated to be fully operational this year, potentially paving the way for a more reliable and engaging carbon market in Kenya.
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carbon markets, National Environment Management Authority, NAIROBI, Kenya, carbon credits, carbon dioxide, the Ministry of Environment, emissions reductions
