African nations are gradually embracing the concept of Carbon credits and markets; some, like Kenya, benefitting through initiatives like Koko Networks. It is amongst many startups justifying the good side of the carbon markets.
Respective countries are after carbon finance, which can be channeled to different net zero-emission projects like renewable resources. For instance, Koko Networks has contributed over $100 million in the total share of carbon finance. These funds have been collected and allocated over the last 4 years, all coming from the sale of clean energy.
Their services have brought balance amongst the local communities, especially regarding the affordable Koko clean cooking energy. Therefore, it is a project also helping curb climate change by discouraging deforestation and related activities like charcoal burning.
According to Greg Murray, the co-founder of Koko Networks, their utilization of bioethanol in their cooking energy is a game changer for every stakeholder. He mentions allocating the $100mn garnered through carbon trades to the Kenyans, where he insists the value should return.
True to his words, an increase in carbon revenue will significantly lower the cost of production for related products and services and, conversely, reduce prices and rates of related products. It is only fair for the ordinary citizen “mwananchi” to get the worth of the carbon market income, with those looking to unfairly benefit discouraged.
Add a Comment