Kenya is expected to set up a carbon registry shortly to allow trading in carbon credits after President William Ruto signed into law the Climate Change (Amendment) Bill 2023 on September 1.

The East African nation joins countries globally, including South Africa, India, Indonesia, and Vietnam, as part of its climate initiatives to set up domestic carbon trading markets, Business Daily newspaper reported.

A designated national authority will be appointed to maintain the national carbon registry, the National Assembly said in its brief to the president.
 
Globally, carbon credits are issued and regulated by the United Nations Framework Convention on Climate Change, set up in 1992.

Kenya will likely make its first drawdown from the $551.4 million Resilience and Sustainability Facility secured by the International Monetary Fund in July.

The country has to incorporate climate risk consideration into its national planning and investment framework as part of the funding.

(Editing by Seban Scaria seban.scaria@lseg.com)