The Kenya Private Sector Alliance (KEPSA) has partnered with World Bank to launch a Carbon Market Guidebook amid efforts 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.
According to Dr. John Wandaka, vice-chair of KEPSA environment, water and natural resources sector board, a guide to help navigate the complex and fast-evolving landscape of carbon markets is needed.
“Carbon markets offer an alternative financing avenue that can empower enterprises struggling to access traditional climate finance,” he said.
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 been dedicated in green investments, especially through the Partnering for Green Growth and Global Goals (P4G) platform that it co-runs with the National Treasury.
Through P4G, it 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 guidebook, noting that it aligns with the need to address climate change.
Governor Ottichilo said 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.
The event did not only offer exhibitors a chance to showcase innovative carbon market-related solutions, but 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.
