3 Reasons Why Kenya’s Carbon Markets Can Be Expected To Grow

Over the past year, Kenya has attracted some of the biggest companies in the world into its carbon projects, from Gucci to Netflix. Companies buy carbon credits to offset some of their emissions. Leaving aside for a moment questions on the value and integrity of some of the carbon projects—i.e.

and approximately 20 percent of total African credits, according to the Kenya Private Sector Alliance. Other reports convey the same story, such as one from where the figure below is taken, reiterating Kenya's importance in Africa's carbon credit market. The World Bank even released a guidebook for Kenyan enterprises interested in the carbon markets, earlier this month.

One good news for businesses is a recent Kenyan Climate Change Act Amendment, released in September 2023, which creates favorable conditions for carbon markets. The amendment has filled several loopholes in how the carbon market has operated in the country so far.

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