British firms shopping for carbon trade projects

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British firms started scouting for carbon market projects this week with a keen eye on programmes such as community hydro-power, generation of electricity using crop waste, and improved jikos that use less firewood.

The new drive, initiated by British High Commissioner Robert Nigel Paul Macaire, is likely to see local enterprises, non-governmental organisations, communities, and individuals earn money from the carbon trade.

Carbon trade occurs when companies, mostly in the West, pay a fee for every amount of certified carbon dioxide released to the environment. The money is then used to pay other companies or organisations, which develop projects that facilitate less release of carbon dioxide to the atmosphere.

The projects include improving manufacturing efficiency to reduce the amount of electricity or coal used, reforestation, developing energy from renewable sources, and growing crops that can be processed into biofuel.

A Mumias Sugar Company project is the only local one registered with the United Nations approved system known as Clean Development Bechanism (CDM).

This story is available in full in the Business Daily e-paper.