Kenya expects $2bn from climate project
- Posted on Friday 12 November 2010 - 10:30John A. Afful, AfricaNews reporter in Takoradi, GhanaKenya is on the move to launch a climate exchange platform which could earn the country close to $2bn (£1.2bn) a year, for the first time on the African continent. This project will facilitate the trading of carbon credits and help tackle climate change.
Kenya's government estimates that its largest forest, the Mau, has the potential to earn the country close to $2bn (£1.2bn) a year over the next 15 years and expects that the exchange will also enable all African countries to sell their carbon credits.
One carbon credit is equal to one tonne of carbon dioxide, or in some markets, carbon dioxide-equivalent gases.
According to the BBC, officials hope the trade in carbon credits will open up investment in the generation of renewable energy and forestry projects.
The estimated value for the project would need a certification from the United Nations Framework Convention on Climate Change.
Carbon dioxide is one of the main gases causing climate change, scientists say, and such exchanges are one way to offset carbon emissions.
Polluting industries in rich countries pay for clean development projects in poor countries.
Some forecasts warn that Africa will be badly affected by climate change, even though most of the greenhouse gases which cause it are produced in the West and Asia.
Reactions
- Posted on Monday 18 July 2011 11:30There are various reasons why Kenya is unlikely to attain its target. First, the Mau forest that is cited in this report, is a sorry state of what it used to be. Specifically, human encroachment has taken up a large percentage of the forest land. Second, and even more disturbing, is the fact that there seems to be a lack of political goodwill to prevent the destruction of forests (Mau included) in Kenya. Although the earnings would do the Kenyan economy some good, I think the fact that Mau forest is Kenya's water tower is even more important. I therefore think that the Kenyan government should embark on restoring the Mau, not because of the income-earning potential it would have, but because Kenyans need the Mau as a source of water. After all, I do not think Africa should clean the mess created by polluters in the West and Asia.
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