Netflix, Apple, Shell, and Delta Join the Carbon Credit Boom in Kenya

According to a recent report by the World Bank, U.S. streaming company Netflix, technology giant Apple, and British oil multinational Shell are among the world’s leading companies actively using the voluntary carbon credit market in Kenya.

The report, titled “A Carbon Market Guide for Kenyan Enterprises,” states that in 2022 Kenya became the second-largest issuer of carbon credits on voluntary markets in Africa, trailing only the Democratic Republic of the Congo.

Since the launch of the African Carbon Markets Initiative (ACMI) in 2022, Africa’s vast potential in carbon credits has become increasingly evident. ACMI aims to mobilize climate finance for the continent, focusing on access to clean energy and sustainable development. By leveraging carbon markets, the initiative channels funding into emissions-reduction projects, addressing energy poverty and supporting the expansion of renewable energy.

Since 2011, Kenya has issued more than 59 million tonnes of carbon credits across various projects, with 83% of these credits originating from voluntary markets.

Most voluntary carbon credits issued in Kenya are generated from nature-based projects, although the report notes that technology-based solutions are beginning to emerge within the market.

In the carbon credit market, organizations and individuals purchase credits generated by emissions-reduction projects to offset their carbon footprints. Companies whose activities contribute to pollution pay significant sums to support initiatives aimed at removing or absorbing CO₂ from the atmosphere.

Each carbon credit represents the reduction or removal of one tonne of CO₂, often achieved through projects designed to combat deforestation, particularly in developing countries.

The report identifies major buyers of voluntary carbon credits in Kenya as large multinational corporations, including Netflix, Apple, Shell, Air France-KLM, BHP, Delta Air Lines, and Kering. Other notable participants in Kenya’s carbon credit market include Nedbank, Nespresso, and Zenlen Inc..