Kenya plans to pass legislation that will regulate the generation of carbon credits in the country by the end of June, a government official said.
(Bloomberg) — Kenya plans to pass legislation that will regulate the generation of carbon credits in the country by the end of June, a government official said.
“There will be a provision on how these existing carbon markets will transition to the new regime,” Augustine Kenduiwo, deputy director for climate change at the Ministry of Environment and Forestry, said on a virtual meeting with industry participants on Wednesday.
Information will be kept on a new carbon registry and guidance will be given on how to transition projects to comply with the new rules, he said.
Kenya wants to grow the industry so that more of the offsets can be exported and also ensure that local communities benefit, according to slides presented at the meeting.
A carbon credit represent a ton of carbon dioxide equivalent removed from the atmosphere or prevented from entering it in the first place. Producers of the climate-warming gases buy the securities to offset their emissions.
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