from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – KENYA has stepped up efforts to enhance the transition to low-carbon, climate-smart economic development.
This follows a partnership between EcoSecurities, a leading global climate solutions company leveraging the power of nature, technology and finance to accelerate global decarbonisation efforts, and the Kenya Private Sector Alliance (KEPSA), the leading membership organisation for the private sector in the country.
It is aimed at increasing the accessibility and mobilisation of catalytic carbon and climate finance, supporting businesses operating in Kenya and the wider continent in decarbonising efforts.
The collaboration between KEPSA and EcoSecurities will ensure that private sector companies working in critical sectors such as heavy industry, transport, waste, energy and agriculture can access carbon finance via the rapidly evolving Article 6 and voluntary carbon markets.
It is anticipated to provide a much-needed alternative source of financing for the region.
“This collaboration will empower our private sector to harness carbon markets effectively, fostering sustainable economic growth and helping us meet our climate commitments,” said Ehud Gachugu, Global Director of Youth and Jobs at KEPSA.
Kenya has committed to a low-carbon and climate-resilient future, with the government committing to a 32-percent reduction in carbon emissions by 2030.
It also recently introduced the Climate Change Act Amendment in September 2023 and Climate Change Carbon Markets Regulations.
“This collaboration with KEPSA will help unlock the catalysing potential of climate and carbon finance in Kenya to deliver on the country’s ambitious climate commitments,” said Pablo Fernandez, Chief Executive Officer of EcoSecurities.
– CAJ News