Kenya is set to receive upwards of Ksh 85 billion by 2030 through the carbon markets initiative. This concerns the country’s efforts to turn our climate into a sustainable one.
The Kenyan legislature has now signed into law a Carbon Credit and Benefit Sharing Bill, 2023, which will give participants an equal share, of course, depending on their efforts.
Amongst the approved concepts include the proportions different parties will receive. It is a fair deal on paper, getting support from big names like MP Joseph Lekuton.
Regarding project setups, owners will take 43% of the total collection, 33% will go to the community involved, and the government to take 10%.
Meanwhile, private land ownerships will earn more for the surrounding community (20%), while the government and project managers get 10% each.
Considering the sensitivity of maintaining our forests, the proportions are quite interesting if the community assets are used. The latter will get 55% of the profits, while county and national governments bank 25% and 15%, respectively.
Stakeholders do agree with the bill, as everyone is fairly catered for. Moreover, despite getting the smallest shares, the government will provide the necessary resources.
This will include attracting foreign investors and providing a safe working and carbon trading environment. With their involvement, more private forests and rangelands will come up, whose proceeds proportions rise up to 60% and 40% for the respective owners.
Therefore, it is upon capable parties, including ordinary citizens, to participate in carbon marketing. Its success will get the country closer to a green environment while directly and indirectly improving the lives of the Kenyans.
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