A recent report by the World Bank highlights how top global companies like Netflix, Apple, and Shell are leveraging Kenya’s voluntary carbon market (VCM) for environmental sustainability.
According to the ‘Carbon Market Guidebook for Kenyan Enterprises,’ Kenya ranked as the second largest issuer of VCM carbon credits in Africa in 2022, following the Democratic Republic of the Congo. Since 2011, over 59 metric tons of carbon credits have been issued to projects in Kenya, with 83 percent attributed to voluntary markets.
The report emphasizes that most of Kenya’s voluntary carbon credits originate from nature-based projects, although technology-based initiatives are gradually emerging.
In the VCM, carbon credits are generated through emission reduction projects and sold to organizations and individuals aiming to offset their carbon footprint. Companies with environmentally harmful operations purchase these credits to support projects that remove or absorb carbon dioxide from the atmosphere. Each credit signifies the reduction or removal of one tonne of CO2, often through initiatives like combating deforestation.
Key buyers of VCM credits in Kenya include corporations such as Netflix, Apple, Shell, Air France-KLM, BHP, Delta Airlines, and Kering. These companies contribute to environmental sustainability by investing in projects that mitigate carbon emissions.
