A reflection on the role of carbon markets in climate governance in Kenya

Carbon markets with international carbon offsets have been designed to channel carbon finance for climate change management to poor and developing countries. With the threat of climate change becoming more real and economically untenable, the global carbon markets have become a key response mechanism for mitigating climate change. However, the reasons given as to why carbon markets are good ways to respond to climate change do not explain why such markets have flourished as governance mechanisms in relation to climate. Moreover, carbon markets have not been easily accessible to poor and developing countries, which are more vulnerable to the impacts of climate change. The extent to which these markets have benefited poor and developing countries, especially in Africa, has been put to question. Subsequent changes to carbon financial architecture by the Paris climate agreement is likely to have even more compounding effects for developing countries and the legal and policy frameworks they will adopt for their climate governance.