Published On: Fri, May 14th, 2021

Kenya plans to set up emissions trading system

Reuters:

Kenya aims to set up an emissions trading system that will allow companies and other bodies to buy emissions allowances, the finance minister said on Tuesday, as the country strives to limit the release of greenhouse gases.

Emissions trading is a pollution control mechanism where a central authority issues a limited number of permits for the release of specific greenhouse gases. Companies can then buy these permits and also trade them.

Many countries are using a price on carbon to meet climate goals, in the form of a tax or under an emissions trading or cap-and-trade plan where companies or countries face a carbon limit.

“The government is at an advanced stage in establishing the Kenya Emissions Trading System allowing companies and organisations to buy Emission Allowance and thereby enable Kenya to meet her commitments in limiting greenhouse emissions,” Ukur Yatani told an online conference of Kenyan and European officials.

Source: Reuters

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