26 June 2014
Wildlife Works Carbon LLC, a U.S.- based business selling carbon credits in the voluntary market generated by forest conservation, plans to expand fivefold the biodiversity-rich areas it protects in Kenya.
Disappearing forests deprive the East African economy of as much as $75 million of income a year, about five times the amount the country earns from forestry and logging, the United Nations Environment Programme and state-run Kenya Forest Service said in 2012. Deforestation has also disrupted natural water-movement cycles into lakes and rivers, the agencies said.
“More companies are also now including saving the climate in their budgets,” Wildlife Works Vice President for African Field Operations Rob Dodson said in an interview on June 19 at Kasigau in southeastern Kenya. U.K.-based Barclays Bank Plc, Nedbank Group Ltd. (NED) and BNP Paribas SA (BNP) are among investors that have bought carbon credits from the project, Dodson said.
Read more from Business Week