The Kenyan Government has signed a deal with the Dubai-based company Blue Carbon to facilitate the production of carbon credits.
Dubai-based media outlets reported on Sunday that the deal conceding millions of acres of Kenyan land for the project was entered by the firm and Kenya's State Department of Environment and Climate Change.
The credits are aimed at restoring and protecting the affected land from the ravaging effects of climate change.
With the new project, the government looks to develop carbon credits that will then be sold to companies considered major polluters of the environment.
The two parties, however, did not specify where the conceded land would be located.
The agreement, which is part of the Framework of Collaboration (FOC), will help advance President William Ruto's agenda of protecting the environment from adverse effects.
In early September, Ruto held the Africa Climate Summit 2023 from which he made bold declarations aimed at securing funding for the African continent.
The Head of State called for a review of financial systems that have burdened Africa with debt and hindered economic growth. He stressed that addressing these financial challenges is crucial to effectively combat the climate crisis.
Ruto asked the international community to implement debt relief interventions that will alleviate Africa's debt burden unlocking the continent's growth potential, development and industrialisation.
“We demand a fair playing ground for our countries to access the investment needed to unlock the potential and translate it into opportunities,” Ruto stated at the time.
Blue Carbon has already signed contracts with other African countries including Zambia and Zimbabwe aimed at boosting production of carbon credits.
The Zimbabwe deal is valued at Ksh223 billion (USD1.5 billion) whereas the value of the Kenyan deal is yet to be made public.
Other countries that have signed similar deals include Liberia, Zambia, Tanzania, and Pakistan.
