After Koko’s collapse, Circle Gas faces Kenya’s carbon-credit test

Circle Gas, the UK parent of Kenyan pay-as-you-cook liquefied petroleum gas (LPG) supplier M-Gas, reported $67 million in contracted carbon credits awaiting delivery and $57 million in cash prepayments in 2025, according to its financial statements.

The company’s dependence on carbon-credit revenue exposes the financial risks facing Kenya’s clean-cooking businesses, where government authorisation can determine whether contracted credits deliver their expected value.

The company’s accounts, filed in September, show the financial stakes. Circle Gas lost $39.3 million in 2025, held…