REDD+ project in Kenya wins vol­un­tary car­bon mar­ket award

Financial Nigeria Magazine - - Development -

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.

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