Excellences, Ladies, and Gentlemen,
1. Let me begin by commending the various organizations,
philanthropies and private sector entities involved in the
visionary efforts to establish and the progressive
endeavor in launching the African Carbon Markets
Initiative.
2. I take this opportunity to express Kenya’s strong interest
in a strong partnership with the initiative, motivated by its
desire to unleash the full potential of carbon markets as a
means of supporting climate action, both in Kenya and
across the entire African continent.
3. Africa is already bearing the brunt of climate change,
whose adverse effects now impact every aspect of our
economies and livelihoods. The climate crisis further
complicates national roadmaps toward socio-economic
transformation and impedes the achievement of
sustainable development goals in the continent.
4. As I speak to you, Kenya is in the throes of a harrowing
food insecurity caused by two consecutive years of failed
rains. Most of the country has been affected, and we have
had to provide emergency food relief to 4.3 million
citizens to prevent suffering from hunger and starvation.
Kenya, and by extension the Horn of Africa region is
experiencing the worst drought in the last 40 years.
Prevailing trends in global warming signal that even
more difficult times lie ahead, on account of associated
climatic crises.
5. I stand here to make the strong case that despite all this,
we in Africa and Kenya are more than just climate
victims. I wish to persuade you that our strengths by far
surpass our weaknesses, and that our potential to make
substantial positive global contributions overwhelmingly
exceeds our need for assistance.
6. Our people have the potential to play a unique,
indispensable and globally significant role in the
prevention and mitigation of emissions, protection of
crucial ecosystems and the restoration of precious carbon
sinks. The urgent actualization of these critical
interventions offer humanity its best chance of prevailing
in the existential contest with climate change-induced
catastrophe.
7. The good news is that the world has a golden opportunity
to rapidly achieve these objectives. By developing a
robust, transparent, and sustainable mechanism through
which a carbon credits market can yield attractive income
and development opportunities for communities at the
frontlines in the fight against climate change, we will align
incentives among polluting producers and sequestration
enterprises to achieve net zero industrialization and
shared green prosperity.
8. Kenya is already a leader in the generation of carbon
credits in Africa, accounting for over 20% of Africa’s
volumes over the past 5 years. Although we are just
getting started and the scale remains modest, the
beneficial impact of the nascent carbon credit regime
holds tremendous promise.
9. A portion of the proceeds from these credits have been
invested toward funding clean cooking and solar home
systems. The dividends of the emerging circularity
exemplify the vision of the global conservation movement.
10. I am pleased to share encouraging news of an exemplary
Kenyan project which is the first and largest in the world,
focusing entirely on soil carbon removals through
sustainable grazing management. It is on course towards
its inspiring target of removing up to 50 million tons of
carbon dioxide from the ecosystem over the next 30
years.
11. All evidence and projections indicate that we are still only
scratching the surface of Kenya’s potential. Some
estimates suggest that by 2030, Kenya will be generating
over 30 million tonnes of carbon credits annually, thereby
earning hundreds of millions of dollars as income and
creating hundreds of thousands of green jobs for our
youth.
12. These resources promised under this demonstrably
feasible scenario would accelerate a range of initiatives in
areas such as landscape restoration, expansion of forest
cover, tree growing, clean cooking, and agroforestry.
13. To actualize this vision and unlock potential, we require
carbon markets that work for Kenyan and African
communities.
14. These markets will become reality under frameworks that
prioritize the rapid and significant reduction of transaction
costs. Currently, 80% of the value of some carbon credits
are captured by intermediaries, leaving only a fraction for
the communities undertaking the actual hard work on the
ground.
15. It will also be fundamental for such a framework to
effectively define methodologies and approaches to
properly recognize and reward a broader range of
measures through which Kenya and, indeed, other
African countries, contribute to fighting climate change.
16. It is imperative to also develop modalities for the proper
valuation of existing carbon sinks, before they fall under
imminent threats such as deforestation and other forms of
degradation.
17. We recognize that our expectations are massive. But the
opportunity before us is tremendous. We can, and indeed
must rise to the demands of the moment and seize it with
both hands. Kenya, therefore, looks forward to working
with initiatives such as the ACMI (African Carbon Markets
Initiative) in substantially expanding carbon markets and
carbon credit opportunities in our country and throughout
the African continent.
I thank you all
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