Unlocking naturebased solutions through carbon markets in Kenya

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Abstract: An effective and efficient transition to low-carbon economies will be required over the next three decades to achieve the goals of the Paris Agreement and avoid the worst impacts of a changing climate. In addition to cutting greenhouse gas (GHG) emissions in half each decade, the global economy must also make significant investments in carbon removals to have a high probability of limiting warming to 1.5°C or 2°C by 2100.1 Nature-based solutions (NbS) ? actions that protect and enhance carbon stored in natural ecosystems and reduce GHG emissions ? are essential climate strategies, yet only receive a fraction of global finance. Although the global climate mitigation potential of terrestrial NbS has been estimated at 9-14 GtCO 2 e yr-1 2,3 only 3% of public climate mitigation funding is allocated to NbS, compared to 38% to renewable energies alone. 4 At best, the current level of funding for forest protection, restoration, and enhancement only reaches 5% of the estimated total needed to align with the Paris Agreement?s 1.5°C targets,5 indicating a drastic shortfall in climate finance for forests. Considering the lack of financing for mitigation in the land sector, it is important that countries like Kenya use climate finance strategically to maximize adaptation and mitigation benefits. Tapping into nature?s mitigation potential is particularly relevant for countries that depend on NbS to meet their Nationally Determined Contributions (NDC) under the Paris Agreement. According to Kenya?s updated NDC, the Agriculture and LULUCF6 sectors accounted for 40% and 38%, respectively, of their total emissions ? 93.7 MtCO2 e in 2015.7 Most of the emissions from the Agriculture sector arise from livestock enteric fermentation, manure left on pastures and agricultural soils, and fe rtilizer application.