An African bank is hoping that a multimillion-dollar investment in a carbon offset project will help rejuvenate forests and wildlife in rural Kenya.
Nedbank, a bank based in South Africa, is purchasing 2.5 million metric tons of carbon credits that will go towards sustainability efforts in the Rukinga Wildlife Sanctuary, a wilderness area in Kenya previously affected by deforestation and degradation.
The deal will make it financially viable for local landowners to hold onto the land that they have. Nedbank will use the carbon credits they purchase to offset their own carbon footprint, as well as those of clients. The balance will be sold on the global carbon market.
“We’ll create an economic development cycle,” said Kevin Whitfield, head of carbon for Nedbank. “And benefit from the preservation of keeping the park intact.”