Kenya plans to establish carbon market

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🗞️ Driving the news: Kenya is set to launch a carbon market enabling public and private entities to trade emission reduction units, offsets, and mitigation outcomes
• This initiative is spearheaded by the Multi-Sectoral Technical Committee (MSTC), which includes Kenya Electricity Generating Company (KenGen)

🔭 The context: KenGen, a major participant, has earned 6.9 million carbon credits through projects like Olkaria II Geothermal Expansion and Ngong Wind Project
• The market aims to leverage Kenya’s clean energy assets to foster a robust carbon economy

🌍 Why it matters for the planet: By monetizing climate actions through carbon credits, Kenya can attract global green investments, reinforcing its commitment to sustainable energy and global emission reduction efforts

⏭️ What's next: The MSTC will focus on creating a regulatory framework, ensuring compliance with global standards, and attracting investment into Kenya’s green initiatives

💬 One quote: "The initiative is expected to catalyze the growth of Kenya's carbon economy, paving the way for the country to monetize its climate actions," - Peter Njenga, CEO of KenGen

📈 One stat: 6.9 million carbon credits have already been earned by KenGen from clean development projects

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