AirCarbon Exchange (ACX), the global exchange revolutionizing the voluntary carbon market, signed a collaboration agreement with the Nairobi International Finance Centre (NIFC) and the Nairobi Securities Exchange (NSE) to develop a Kenya Carbon Exchange during the official launch of the NIFC officiated by Dr. Joseph Kinyua, Head of Public Service, on behalf of H. E. Uhuru Kenyatta, President of the Republic of Kenya. The NIFC is a flagship initiative under the economic pillar of Kenya’s Vision 2030. NIFC is designed to strengthen the country’s global competitiveness by making it easier and more attractive to invest and conduct financial services, transactions, and related activities. The partnership will establish a carbon ecosystem in Kenya connected to ACX’s international client orderbook, allowing buyers and sellers, international and domestic, to transact efficiently and transparently.
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President Uhuru Kenyatta said: “The NIFC has been designed as an efficient and predictable business environment to give more confidence to the large pools of global capital that have been watching our progress but have not yet taken the decision to invest. It is designed to attract capital that will be transformative not just to the Kenyan economy but to the broader African economy.”
NIFC Board Chair Vincent Rague announced the centre will prioritize three key themes which include fintech, green finance, and attracting large pools of capital and multinational company headquarters. The NIFC Authority and the NSE have been in discussions with ACX to establish a Kenya carbon exchange and during the launch, signed the collaboration agreement to extend ACX’s global platform into the African continent. This will support the growth of climate finance in Kenya by establishing a locally accessible global marketplace for carbon offsets.
Kevin Iwanaga, President & COO – Middle East/Africa, ACX, said: “We are honoured to be partnering with the NIFC Authority and the NSE to jointly develop Kenya’s first Carbon Exchange. The Exchange will be an important element in Kenya’s sustainable finance ecosystem and will be instrumental in channelling global capital flows into Kenya’s high-impact environmental projects such as Reforestation, Land Restoration and new technologies such as DACS and BECCS. We look forward to collaborating with the NIFC and the NSE in this important and timely endeavour.”