REDD+ project in Kenya wins voluntary carbon market award
The Kasigau Corridor REDD+ project, developed and managed by Wildlife Works in Kenya, has been named the “Best Offsetting Project” in Environmental Finance’s 8th annual Voluntary Carbon Market Rankings. The ranking is produced by polling the voluntary carbon market to know the most highly regarded players across numerous categories.
REDD+, which stands for Reducing Emissions from Deforestation and Forest Degradation, is a UN climate change mitigation strategy, included in the Paris Climate Agreement. REDD+ is currently reputed as the fastest, most effective and lowest cost initiative to protect forests and combat climate change.
Through a voluntary agreement with local landowners and a community of more than 100,000 people, the Wildlife Works’ Kasigau project avoids the annual release of 1.5M tonnes of CO2 emissions and generates funding for sustainable development in one of the world’s most impoverished communities. Providing access to water, improved food security, education and healthcare are among key project initiatives.
The project has been responsible for many innovations, from being the first avoided deforestation project to achieve verification under the Verified Carbon Standard, to being selected by the International Finance Corporation, which issued a first of its kind $152 million Forest Conservation Bond in October 2016 to support the project.