Communities fighting climate change to benefit from carbon credits – Ruto

President William Ruto has said the carbon credits market should benefit communities fighting the adverse effects of climate change.

He said Kenya already leads in the generation of carbon credits in Africa, accounting for over 20 per cent of the continent’s volume over the past five years.

He spoke on Tuesday in Sharm El-Sheikh, Egypt, during the launch of the African Carbon Markets Initiative.

Ruto said a portion of proceeds have been invested towards funding clean cooking and solar home systems.

“Although we are just getting started, the beneficial impact of the nascent carbon credit regime holds tremendous promise,” he said.

Ruto said Kenya was committed to working with initiatives such as ACMI in expanding carbon markets and carbon credit opportunities.

He said the country will be generating more than 30 million tonnes of carbon credits annually, earning incomes and creating green jobs for the youth.

“These resources would accelerate landscape restoration, expansion of forest cover, tree growing, clean cooking and agroforestry,” he said.  

Ruto, however, said it is vital that there are carbon markets that work for Kenyan and African communities.

He said currently, about 80 per cent of the value of some carbon credits is captured by intermediaries.