Kenya’s biggest power company, KenGen, plans to offer carbon credits to voluntary domestic buyers via the Nairobi Stock Exchange next year as its CDM funding expires, according to local media.
“We are targeting local companies who wish to buy carbon credits to reduce their carbon footprint and make their products more competitive,” KenGen’s Director for Regulatory and Corporate Affairs Simon Ngure said at a media briefing, the Standard newspaper reported on Tuesday.
He said the company aimed to be ready to sell by March.
Majority state-owned KenGen has received over 18,000 carbon credits for the redevelopment of its Tana Hydro Power Station, the newspaper reported.
It said the company was seeking domestic corporate buyers such as flower exporters that are seeking to market themselves as green.
It listed Mumias Sugar Company, East Africa Portland Cement Company and Kenya Power as among the other Kenyan companies participating in the carbon market.
Last month, Kenya was one of five east African countries reported to be drafting a climate bill to help channel more climate finance into the region via mechanisms such as the CDM.
Kenya’s INDC pledges to keep its GHG emissions at 30% below BAU levels by 2030 but has had very limited participation in the CDM to date.
Check out our INDC Tracker for details of all the pledges made to date.
By Ben Garside – firstname.lastname@example.org