Kenya: President Signs the Climate Change (Amendment) Bill 2023 Ahead of International Climate Summit
The President of Kenya has signed the Climate Change (Amendment) Bill 2023 following its approval by the Senate. This Bill aims to amend the Climate Change Act of 2016 to regulate carbon markets, an area not addressed in the current Act.
The Bill aligns with the Paris Agreement, which Kenya ratified and became a party to on December 28, 2016. The Paris Agreement encourages parties to raise their mitigation ambition through carbon markets and non-market approaches.
Key Aspects of the Carbon Market Regulation
- Carbon Market Mechanism: The carbon market enables public and private entities to transfer and transact emission reduction units, mitigation outcomes, or offsets generated through carbon initiatives, programs, and projects. This is subject to compliance with national and international laws.
- Usage of Carbon Credits: Companies or individuals can use carbon markets to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions.
The Presidential assent to the Bill comes days ahead of the African Climate Change Summit (ACS) 2023 and Africa Climate Week, scheduled from September 4 to 8, 2023, in Nairobi. This international event has garnered significant attention as climate change is a pressing global challenge.
We will attend the African Climate Change Summit (ACS) 2023 and keep you updated on the developments.
Conclusion
We hope this information helps in understanding the main objective of the Climate Change (Amendment) Bill 2023. Please note that the contents of this newsletter are intended to provide a general guide to the subject matter and should not be relied upon without legal advice.
For further information or legal assistance on compliance or any other legal issue, contact us at info@wka.co.ke, visit wakilihub.co.ke/, or call +254 798 03 580. Our Nairobi Hub is located at Parklands, Valley View Business Park, 6th Floor, City Park Drive, Off Limuru Road.
Authors:
- William Karoki, Founding Partner
- Florence Mwende, Lawyer
