The Kenyan government is positioning itself to gain from carbon trade. Carbon trade involves limiting the amount of carbon and other greenhouse gases that companies or countries can release into the atmosphere by providing economic gain.
“Environmental carbon markets have emerged as significant outcomes of climate change summits linking the problem of climate change to strategic innovative solutions to sustainable economic development,” said Mr. Joseph Kinyua, permanent secretary Ministry of Finance during a workshop on carbon finance, investment and trade.
Kinyua added: “we recognize the many opportunities our country can derive from participating in the carbon market. In particular, through the carbon market we can mainstream and improve access to clean modern energy for the poor, reduce deforestation, effectively manage waste and reduce pollution from transport and industries, to minimize, conserve and manage soil erosion, while improving agricultural productivity, quantity and quality of water.”
Notwithstanding that carbon trading is a complex system, some environmentalist say with a simple goal: to make it cheaper for companies and governments to meet emissions reduction targets - where countries receive carbon credits that limit how much carbon they can release to the atmosphere as they sell unused carbon credit within countries signed within the Kyoto Protocol.
This trade seems to be the way to go as “we cannot over-emphasize the fact that challenges of poverty hence conflicts over resources are intertwined and have of late been catalyzed by climate change,” said Mr. Ali Dawood Mohamed the permanent secretary of Environment and Mineral resources, explaining that development, security and sustainability of most countries are all in jeopardy as a result; and all aspects of human development are affected. How we as a generation respond to challenges of climate change will determine as to whether we grow sustainably or else plunge into an irreversible catastrophe.
“We in developing countries have suffered more as a result and are still bound to bear much of the impact of climate change,” he stated, “one immediate global engagement has put in place the carbon financing, investment and trading opportunities.”
To the environment and mineral, PS, carbon trading is a global strategy of responding to climate change giving more hope to developing countries. However, not many developing countries have so far benefited from this opportunity.
The PS articulates that Kenya is among those countries yet reap the benefits associated with carbon financing opportunities; notwithstanding the Stockholm Environment Institute report of march 2010 indicating that by that time (March) the carbon market had realized about $ 1.2 trillion. The suppliers of this markets are mainly China, India, Mexico and Brazil.
The establishment of an environmental carbon investment framework in Kenya has the potential to address current challenges facing developmental efforts in areas of development and poverty reduction; climate change and energy; climate change and agriculture; and climate change and forest cover, said Kinyua.
To combat climate change effects, Kenya has developed a National Climate Change Response Strategy which provides an implementation institutional framework with the day to day coordination of activities done by a Climate Change Secretariat. “Translation of the strategy to practical action requires resources both human and capital …. It is for the technocrats to ensure that the strategy is implemented for the benefits for the poor Kenyan citizen,” says Mohamed.
The one day workshop was held to reflect on the concerns, strength and potential of a coordinated effort to commence preparation for developing and effective and realistic carbon trading frame work that will benefit Kenyans. This process will enable the country to develop a carbon financing policy and a regulatory framework to facilitate the identification and preparation of Project Idea Notes (PINs) that will culminate into Project Design Documents (PDD), including their validation and registration with United Nations Framework Convention on Climate Change (UNFCCC).
“In the long term,” says Mohamed, “this process will enable the country to eventually operate a European Energy trading System (ETS), which will enable trading of Certified Emission Reduction (CERs)/ Voluntary Emission Reductions (VERs) from carbon projects. Yes,“Focusing on carbon finance, investment and trade provides an opportunity to promote sustainable development,” Ministry of finance,PS, says.
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