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and Trade Box 15. Kenya – example of carbon credit trade opportunities in the renewable energy sector To pursue a new roadmap for sustainable growth and energy production, the Kenyan government is advocating a shift from the present, carbon-intensive development model to a low-carbon pathway (UNEP 2012e). This is evident in the renewable energy sector, which is seen by the Kenyan government as a key sector for sustainable growth. The rationale behind the national facilitation of renewable energy is manifold. Increasing economic activities and a rising national population lead to a higher domestic energy demand in Kenya, which is mostly satisfied by imports of foreign energy. The high cost of energy imports significantly slows economic growth in the country (World Bank 2012). Imported crude petroleum, for instance, accounts for about 25 per cent of the national import bill. The problem of high energy costs is supplemented by the unreliability of energy supply infrastructure. On average, Kenyan companies lose nearly 10 per cent of their production because of power outages and fluctuations (UNEP 2006). Sustainable, affordable and reliable domestic energy for all citizens is, therefore, declared a priority factor in national policy (RoK 2012). Securing investments in new renewable energy projects, however, is often challenging. An opportune way for Kenya to attract renewable energy financing is through generating and exporting carbon credits. Sector overview: In 2008, Kenya initiated plans to actively promote renewable energy and energy efficiency investments by implementing national feed-in tariffs (FITs) for different renewable electricity sources (UNEP 2010c). Investment guarantees under the FIT are expected to promote financing in renewable energy and carbon credit projects (UNEP 2012f). In 2012, Kenya had 32 carbon projects in the pipeline for carbon credits from the Clean Development Mechanism (CDM). On the African continent, Kenya is one of the forerunners in the attraction of CDM projects, second only to South Africa (UNEP 2012g). Project Example – the Mumias Sugar Company project: The Mumias Sugar Company project generates renewable energy through the combustion of biogas which is available as a waste component of factory production. The project generates 35 MW of electricity of which 10 MW are consumed by the factory itself, and the balance is sold to the national electricity grid (UNFCCC 2012a). From an emission reductions standpoint, combusting biomass for electricity generation has a dual benefit: It produces renewable energy while avoiding methane emissions, which would result from landfilling the biomass. The project is expected to save nearly 1.3 million tonnes of CO2 emissions over a 10-year period (2008 - 2018). Revenues from CERs are a key element of the financing strategy of the renewable energy project at Mumias Sugar Company. CER income is expected to increase the project’s internal rate of return by two per cent (UNEP 2012f). Mumias Sugar has entered into a ten-year agreement (2009–2019) with the Japanese Carbon Finance Company Limited (JFC), selling its CERs on a long-term basis and thereby generating significant revenue. Challenges: As the example of Mumias Sugar shows, CERs can be an important way to mobilise financial resources for renewable energy, energy efficiency, and other types of low-carbon projects. The CDM can open new export opportunities and revenue streams, to increase further as more countries initiate or participate in emissions trading systems. However, while assessing manifold opportunities, the challenges and uncertainties regarding CDM projects must not be overlooked. To attract investors, a robust, bankable business plan is needed. The perceived risk of investment also depends on the overall economic environment of a country, which can be crucial for the supply of private capital. An additional barrier concerns the complexity of CDM projects and their accreditation process. The actual registration of the project can be lengthy and transaction costs for the CDM procedures, plus the registration fee, can make the initial phase expensive. There is also uncertainty about the development of CER prices, as the first period of emission reduction commitments of the Kyoto Protocol recently expired. This uncertainty has decreased CER prices, which lowers CDM investment incentives and threatens project owners with bankruptcy. Though future demand for international offsets may emerge from a new multilateral climate regime post-2020, prices are expected to remain low in the short and medium term (Scotney et al. 2012). However, some predict that the price for CERs will recover in the longer term and stabilise at around US$ 10 per tonne of CO2 (CDC 2012). 242PDF Image | Renewable Energy
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