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Emissions platform CYNK handles carbon futures trade of more than 2 mln credits

Posted on November 5, 2023
Source: Reuters

CYNK, a Kenya-based carbon offsets trading platform, said on Tuesday it had handled a carbon futures trade of more than 2 million credits, its CEO said.

CYNK, which said it is the first carbon offsets exchange in Africa, did not provide details on who the beneficiaries were.

“This trade of over 2 million forward carbon credits shows the trust being rebuilt in the high-quality segment of the voluntary carbon markets after a period of complete loss in confidence in wider markets,” Sudhu Arumugam, its chief executive officer, said in a statement.

CYNK said the credits will be created by Kenyan-based Tamuwa, which makes briquettes from agricultural sugarcane waste.

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