Companies from Saudi Arabia bought more than 2.2 million tonnes of carbon credits on Wednesday as the Kenyan capital hosted what organisers have billed as the world's largest sale of its kind.
Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to grow as companies seek to use the credits to help meet net-zero emissions goals.
The credits auctioned were certified and come from projects that avoid emissions by using sustainable technologies or removing carbon from the atmosphere, RVCMC said. Although the East African nation is a small polluter, contributing less than 1% of annual global emissions, it has been hit hard by climate change in recent years, with devastating droughts killing crops, wildlife and livestock.Companies see the voluntary carbon market as essential in helping them to meet environmental targets because they allow investment in projects that lock away climate-warming emissions that they are unable to cut from their own operations.
Criticisms of the carbon offset market have included a lack of transparency and a limited supply of credits, as well as questions over the quality of projects.
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