Kenya could raise as much as 10 billion shillings ($72 million) to spend on curbing deforestation to fight climate change if it securitizes income from its forests, according to David Gikaria, chairman of the National Assembly’s environment committee.
(Bloomberg) — Kenya could raise as much as 10 billion shillings ($72 million) to spend on curbing deforestation to fight climate change if it securitizes income from its forests, according to David Gikaria, chairman of the National Assembly’s environment committee.
“Logging and plantation revenues can be used to raise bonds for the restoration of arid and semi-arid lands,” the committee said in a budget report that’s under debate.
The funds can also support a credit guarantee program offering farmers incentives to grow high-value fruit trees, it said. In addition, companies buying carbon credits from forest projects should be granted tax breaks, the lawmakers proposed.
Kenya targets to plant 15 billion trees by 2030 to help restore 10.6 million hectares (26.2 million acres) of degraded land and enlarge forest cover to 30% from 8.8%.
Eastern Africa has been suffering some of the impact of climate change and is emerging from a drought that’s been described as the worst the region has experienced in 40 years.
Read: Kenya to Pass Carbon Credits Legislation by End of June
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