AirCarbon Exchange (ACX), a Singapore-based carbon negative trading platform, signed a collaboration agreement with the Nairobi International Financial Centre (NIFC) and the Nairobi Securities Exchange (NSE) to work on a Kenya Carbon Exchange. The news was announced during NIFC’s official launch, which was officiated by Kenya’s Head of Public Service Dr. Joseph Kinyua.
A major initiative under Kenya’s Vision 2030, the NIFC aims to make the country more competitive and attractive to investors. The collaboration agreement sets the foundations of a carbon ecosystem in Kenya linked to ACX’s international client orderbook, which would allow both local and foreign buyers and sellers to make transparent and efficient transactions.
“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,” said the President of Kenya Uhuru Kenyatta.
NIFC Board Chair Vincent Rague said the center will focus on three main issues: fintech, green finance and drawing large capital from international companies. NIFC and NSE have been discussing with ACX the opportunity to develop a Kenya Carbon Exchange and signed a collaboration agreement to bring ACX’s platform to Africa and establish a carbon offsets marketplace in Kenya.
“We are honored to be partnering with the NIFC Authority and the NSE to jointly develop Kenya’s first Carbon Exchange,” said Kevin Iwanaga, President & COO – Middle East/Africa at ACX. He added that the platform will play an important role in Kenya’s sustainable finance ecosystem and will be crucial in bringing global capital “into Kenya’s high-impact environmental projects such as Reforestation, Land Restoration and new technologies such as DACS and BECCS.”