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July 30, 2012
Kenya Electricity Generating Company (KenGen) plans to earn 1.1 billion shillings annually in carbon credit trading after the completion of a geothermal power plant at Ol Karia, Business Daily Africa reported Sunday (July 29th).
"The project will displace an equivalent of close to 1.4 million tons of carbon dioxide annually, which we hope to sell and generate an estimated $14 million from carbon credit sales," said KenGen's chief executive officer Eddy Njoroge.
Countries that exceed their carbon dioxide emissions limit can purchase credits from those who produce less.
KenGen will use 10% of profits from carbon credit sales for reinvestment in the communities where the plant is located, Njoroge said.
"These funds (carbon credit) will significantly boost continued investment in the power generation sector and also be shared with the local communities," Njoroge said.
Kenya's government is now establishing Africa's first carbon-trading platform, the Nairobi Carbon Exchange, with several Kenyan companies already involved.
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