SINGAPORE, NEW
YORK, LONDON,
Sept. 18,
2024 /PRNewswire/ -- S&P Global Commodity
Insights, the leading independent provider of information, data,
analysis, benchmark prices and workflow solutions for the
commodities, energy and energy transition markets, today announced
it has been selected by Conservation International on behalf of the
Government of Kenya, to develop
Kenya's REDD+ registry that
will aid the nation's climate goals and assist the wider
carbon-reduction community and marketplace.
Conservation International, through its science-, policy- and
investment-based partnership, works to strengthen the conservation
and sustainable management of natural resources to alleviate
poverty, tackle climate change and reduce biodiversity loss.
"This is a significant milestone for Kenya as it seeks to establish an enabling
environment to mobilize climate finance for NDC* implementation in
the Forestry Sector. It is also in line with the established legal
and regulatory framework established under the Climate Change Act,"
said Psamson Nzioki, Programme Manager, Jurisdictional and
Nested REDD+ at Conservation International.
The new REDD+ registry for Kenya, due to be operational by 2Qtr 2025,
will allow complete lifecycle tracking of REDD+ carbon credits
generated from interventions aimed at reducing emissions from
deforestation and forest degradation, including the
sustainable management of forests, conservation of forests
and enhancement of forest carbon stocks.
Jonty Rushforth, Head of
Environmental Solutions, S&P Global Commodity Insights, said,
""We applaud the important step that Kenya is taking in registry development and
the example it sets for Africa
more broadly. We are honored to be selected to provide the registry
technology, and look forward to working with both the Kenyan
government and Conservation International."
S&P Global's Environmental Registry, with a 15-year history
as the go-to solution in carbon, water and biodiversity
environmental registries, is relaunching as a significantly
enhanced, customizable registry-as-a-service platform. The
infrastructure and functionality enhancements make the registry
solution faster, more efficient; more user-friendly; and able to
address a broader set of industry challenges. It's aimed at further
augmenting credibility and reliability in environmental
markets.
"We look forward to working with S&P Global Commodity
Insights and believe its Environmental Registry is a smart solution
for building our registry because of its security, customization to
our needs and readiness," said George
Tarus, Agriculture Forest Conservation Secretary, Kenya
State Department for Forestry. "We are proud to be one of the
first, if not the first African nation to create a national
registry of REDD+ projects that reduce deforestation and decrease
carbon emissions, but one that will in turn help generate new
revenue streams for us and our local communities."
Africa, as an important source
of potential supply of carbon credits, is positioned to be
strategic to the achievement the world's goals under the Paris
Agreement. Africa made up less
than 10% of total global greenhouse gas emissions in 2023 and its
emissions are projected to remain relatively flat through 2030,
according to S&P Global Commodity Insights research and
analysis. "Kenya, in
particular, is a key player in the voluntary carbon market, having
historically been the top issuer of carbon credits in Africa, mainly from REDD+ projects," the
analysis states.
The S&P Global Commodity Insights Environmental Registry
infrastructure software and platform allows a user to track its
environmental projects and manage associated carbon and other
environmental credits across their life cycles on both small and
large scales. Its built-in tracking and workflow management
capabilities allow for easier monitoring of National Determined
Contributions and helps to avoid double counting of credits,
thereby facilitating greater confidence in the carbon markets.
By using S&P Global Commodity Insights' Environmental
Registry, the Kenyan REDD+ registry will automatically have access
to S&P Global's Meta Registry ®, a new centralized connectivity
platform to link different registries and exchanges from around the
world so they can share information.
S&P Global Commodity Insights is valued for its
independence, established history of registry-build delivery, its
deep and broad understanding of environmental markets, carbon
emissions, carbon mitigation and voluntary and compliance carbon
markets, and its century-plus history as a trusted partner in
energy and commodity markets.
For additional information on Environmental Registry, visit:
https://www.spglobal.com/commodityinsights/en/ci/products/environmental-registry.html
* Nationally Determined Contribution (NDC) are actions and
targets that countries signal they will undertake to help keep
global temperatures from rising more than 2 degrees Celsius.
Media Contacts:
Americas: Kathleen Tanzy + 1
917-331-4607, kathleen.tanzy@spglobal.com
EMEA: Paul Sandell + 44 (0)7816 180039, paul.sandell@spglobal.com
Asia: Melissa Tan
+ 65-6597-6241, melissa.tan@spglobal.com
About S&P Global Commodity Insights
At S&P Global Commodity Insights, our complete view of
global energy and commodity markets enables our customers to make
decisions with conviction and create long-term, sustainable
value.
We're a trusted connector that brings together thought leaders,
market participants, governments, and regulators and we create
solutions that lead to progress. Vital to navigating commodity
markets, our coverage includes oil and gas, power, chemicals,
metals, agriculture, shipping and energy transition.
Platts® products and services, including leading
benchmark price assessments in the physical commodity markets, are
offered through S&P Global Commodity Insights. S&P Global
Commodity Insights maintains clear structural and operational
separation between its price assessment activities and the other
activities carried out by S&P Global Commodity Insights and the
other business divisions of S&P Global.
S&P Global Commodity Insights is a division of S&P
Global (NYSE: SPGI). S&P Global is the world's foremost
provider of credit ratings, benchmarks, analytics and workflow
solutions in the global capital, commodity and automotive markets.
With every one of our offerings, we help many of the world's
leading organizations navigate the economic landscape so they can
plan for tomorrow, today. For more information visit
https://www.spglobal.com/commodityinsights.
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