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LEVERAGING CARBON MARKETS AND TOOLS FOR DECENTRALIZED ACTION IN AFRICA
- Published On: 2023-09-07
KEPSA was represented by Dr. John Wandaka, the Vice Chair of the KEPSA Environment, Water and Natural Resources Sector Board, in a discussion on “Leveraging Carbon Markets and Tools for Decentralized Action in Africa” at a side event organized by Intellecap, Rotary Club- ESRAG and KEPSA on the sidelines of the Africa Climate Week that was held on 7th September 2023.
The private sector has a significant role in promoting the carbon markets. KEPSA continues to actively engage the government and stakeholders to ensure proper legislation frameworks are in place to help the private sector leverage carbon markets in Kenya. KEPSA made a substantial submission to the Climate Change Amendment Act (2023) amendment that sought to create legal and institutional frameworks for carbon trading in Kenya.
Dr. Wandaka states, “There is a major gap in awareness creation on dynamics of carbon trading and carbon markets. The private sector must invest in ensuring all the value chain stakeholders are well informed and understand the opportunities for nature-based solutions in decarbonization and especially the opportunities available in realizing “net zero plans for business through carbon sequestration.”
He referenced the private sector statement made at the Africa Climate Summit, which includes the aspect of carbonization as follows: “We commit to encouraging and developing awareness channels which offer the general public vehicles to understand and engage in carbon markets at the community and grassroots level and to strive for inclusion across the value chains linked to carbon markets.”
He was joined on the panel by Judith Sidi Odhiambo, KCB Group Head of Corporate and Regulatory Affairs, who noted that the bank has established a facility to support bankable projects contributing to adaptation and mitigation.
Others included Eng. Felix Kariuki, Rotary Club- ESRAG Africa Chapter Chair; John Karanja, the CTO of Green Site Initiative; Derrick Ngigi, the Director of Programs, YCenter Shamba Solutions; and Christina Nduba Banja, a partner at Bowmans Law. The panel provided an overview of the Africa Carbon Markets Initiative and the current status of achieving the goal of 300 million credits by 2030, including USD 6 billion in revenue and 30 million jobs by 2030.
The Environmental Sustainability Rotarian Action Group (ESRAG) showcased the innovative carbon calculation tool, which proactively assists Rotarians, Rotary clubs, and Rotary Districts in planning, evaluating and implementing service projects, building environmental awareness, and inspiring sustainable actions.