Carbon credit boon for KenGen
News
By
Kamau Macharia
| Dec 04, 2017
Power producer KenGen earned Sh57 million from the sale of carbon credits in the year to June this year.
Managing Director Rebecca Miano said while the firm would continue participating in the emissions trading system, earnings are likely to remain subdued by the sub-sector’s prevailing trading framework and a slowdown in the global momentum. The carbon trading system is aimed at reducing pollution by penalising polluters and at the same time enabling companies or countries to earn from their environmentally friendly projects.
Other streams
“Some of the international protocols that brought forth these carbon credits framework have not come out very clearly as to the future of the system. We have registered some projects in Olkaria and Kindaruma and have plans to register more, but it is not a big revenue stream. Global momentum has not continued on a high trajectory,” said Miano in a recent interview.
KenGen is among the few firms in Kenya that are earning from their green projects. Others that have in the past earned from the sale of carbon credits include Mumias Sugar Company, East Africa Portland Cement, and Kenya Power. In the financial year to June 2017, the firm earned Sh57 million from carbon credits, down from Sh91 million in 2015. There were no earnings in the year to June 2016. Miano said the firm would focus on other diversified revenue streams.
READ MORE
State to shut down 25 entities, privatise others in new reforms
Why Kenya must move fast to invest in digital rights security
State, workers' pay tensions cloud function
Why the super-rich are ditching commercial property investments
S Sudan Central Bank Governor Rallies East Africans to Invest in Juba
Co-op Bank lines up billions for women-owned SMEs after German loan deal
Construction players protest state's bid to tax mining sector
Insurance sector players to explore use of AI in deepening uptake
Sugarcane farmers accuse AFA of 'siding with cartels' as prices drop
Growing demand for housing births modern mansions in Nakuru slums
- State to shut down 25 entities, privatise others in new reforms
- Sugarcane farmers accuse AFA of 'siding with cartels' as prices drop
- Flooded petrol stations to be shut
- Forget miraa: Discovery of minerals stirs up Meru locals
- Super-rich investors bet on Kenya amid economic gloom