Africa Business-Change the Story- A new report explores the local carbon market in Kenya


Change the Story: A new report explores the local carbon market in Kenya

Through the Sustainable Inclusive Business (SIB-Kenya), the Kenya Private Sector Alliance (KEPSA) has released a report dubbed “Change the Story: Developing a Local Carbon Market in Kenya”. The report describes the current situation, reflects on the opportunities for a Kenyan carbon market, and comes just days after the 2023 Earth Hour celebrations. It has been published in partnership with the global Sustainability Consultant Group, TheRockGroup. Climate change and biodiversity are complex, global, and interconnected issues. This report is limited to the role of the Kenyan private sector in the voluntary carbon market (VCM) with a focus on nature-based solutions (NBS) in addressing global warming, biodiversity loss, and deforestation. It is part of the Change the Story project by SIB-Kenya, which focuses on NBS because of the  extra benefits they provide to biodiversity conservation, the protection of landscapes, and community development. The global carbon credits market is booming, with an estimated turnover of US$2 billion in 2021, and a prediction of 10-40 US$ billion in 2030 according to Shell and BCG. Closer home, Kenya ranks  number 8 on the list of countries selling carbon credits from Nature-Based Solutions, according to the Voluntary Carbon Market Overview 2022 by ClimateFocus.