On Tuesday, 15^th October 2024, Diamond Trust Bank (DTB) hosted its highly anticipated Economic & Sustainability Forum at the Nairobi Serena Hotel, focusing on demystifying carbon markets. Themed "The Progress, Opportunities & Challenges," the event brought together key stakeholders from the private sector, environmental law, and sustainability spaces to discuss the growing importance of carbon markets in Kenya. The Kenya Private Sector Alliance (KEPSA) was prominently represented by Dr. Jackson Koimbori, Head of KEPSA Consult, Circular Economy & Climate Change, underscoring KEPSA’s leadership in advocating for private-sector involvement in climate action and carbon markets.

The event began with a warm welcome from the forum’s MC, Julians Amboko, followed by opening remarks from Nasim Devji, Group CEO and MD of DTB. Nasim highlighted the crucial role financial institutions play in supporting carbon markets, particularly through capital provision and facilitating transactions that drive low-carbon projects. Linus Gitahi, Chairman of DTB, built upon this by emphasizing the need for partnerships between financial institutions, businesses, and government entities to navigate the challenges and opportunities presented by carbon markets.

KEPSA’s participation was showcased during a presentation by Dr. Jackson Koimbori, who spoke on The Role of the Private Sector within the Carbon Market. He illustrated how Kenyan companies are becoming key players in global carbon markets, generating carbon credits through clean energy initiatives, reforestation, and circular economy practices. These efforts align with Kenya’s broader climate goals and the country’s participation in international carbon trading mechanisms, demonstrating the private sector’s growing role in achieving national and global climate targets.

In a panel discussion moderated by Julians Amboko, Dr. Koimbori, along with experts such as Paul Muthaura, CEO of the Africa Carbon Markets Initiative, and Reshma Shah, Carbon Markets Lead at FSD Africa, addressed the barriers and opportunities for Kenyan businesses in carbon markets. Dr. Koimbori identified the complexity of carbon credit regulations, high verification costs, and limited technical knowledge as key obstacles. However, he stressed that policy reforms, subsidies, and technical assistance could incentivize greater private-sector participation in climate action.

A significant part of the discussion revolved around the integration of the circular economy model with carbon markets. Dr. Koimbori explained how adopting circular economy principles—such as waste reduction, resource reuse, and sustainable manufacturing—can enhance carbon credit generation. Kenyan businesses, he noted, stand to benefit from both environmental impact and economic returns. By incorporating circular economy practices, companies can reduce costs, improve resource efficiency, and contribute to carbon neutrality goals.

The forum concluded with closing remarks from Alkarim Jiwa, Finance & Strategy Director at DTB, who emphasized the need for continued collaboration across sectors. He highlighted that carbon markets are no longer a niche space for environmentalists but a tangible economic opportunity for businesses to innovate, grow, and contribute to global climate goals. KEPSA’s involvement reinforced the crucial role the private sector plays in shaping a sustainable, low-carbon future for Kenya.