KenGen Joins Global Emissions Project With Plans for Carbon Trading on Local Bourse

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  • Kenya’s state energy utility, KenGen, a geothermal energy leader in Africa, has joined a United Nations-backed emissions-reduction program – Business Ambition for 1.5°C program.
  • Under the project, the company commits to emission-reduction targets through investments in green and clean energy to help combat global warming, as per the 2015 Paris Agreement guidelines.

Kenya Electricity Generating Company PLC (KenGen) has joined the UN-backed global campaign to combat global warming, becoming the first public service agency in Kenya company to do so. The campaign dubbed ‘Business Ambition for 1.50C’, is backed by a global coalition of the United Nations leaders, business organisations and Non-Governmental Organizations (NGOs).

By committing to this ambition, KenGen is expected to establish emission reduction targets through investments in green and clean energy that will go a long way in limiting the earth’s warming to 1.5°C as per the Paris Agreement of 2015.

Under this arrangement, the company commits to annually disclose its Greenhouse Gas (GHG) emissions as a way of checking and reducing its carbon footprint.

Speaking soon after receiving confirmation on its admission to the Business Ambition for 1.5°C, KenGen Managing and CEO, Mrs. Rebecca Miano said the platform reiterates the organization’s position as a regional business champion and pacesetter in the Climate Change Action.

“By joining the below 1.5-degree global campaign, we are only reiterating our business as usual. We have shifted our investments to green and renewable energy and harnessing of low carbon sources of energy,” said Mrs. Miano, adding “we have also intensified environment conservation activities and energy efficiency improvement across the company.”

The announcement bodes well for a plan by the company and the East African government to introduce carbon trading on the local bourse. Kenya is in the advanced stages of establishing a National Carbon Credits and Green Assets Registry, under which its emissions trading system will operate, National Treasury Secretary Ukur Yatani said last month.

The Capital Markets Authority and the Nairobi Securities Exchange held talks with KenGen to start carbon trading on the derivatives segment of the market this year.

Six of KenGen’s projects, including geothermal, hydro and wind power plants, are registered under the Clean Development Mechanism, from which the UN aims to allow projects in developing countries earn emission-reduction credits. The company has recorded about $3.6 million in carbon revenue since it started registering its projects in 2010.

Author: Bryan Groenendaal

Source: KenGen


1 Comment

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