Nairobi, July 25 -- A parliamentary committee has backed a Bill on the regulation of the generation and sharing of carbon credit billions.

The National Assembly's Budget and Appropriations Committee (BAC) has approved the Carbon Credit and Benefit Sharing Bill, 2023 for a formal introduction to Parliament.

Sponsored by Laisamis MP Joseph Lekuton, it seeks to provide a legal framework for carbon markets.

The project owner will get 40 percent of the proceeds, the community (33 percent), county government (10 percent), managing authority (five percent) and national research fund (two percent).

If the land is private, the local community will get 20 percent of the proceeds, the county government (10) national government (10) and the proje...