UK To Expedite $4.1B Climate Funding To Kenya To Fast-Track Clean Energy

UK Prime Minister Rishi Sunak and Kenyan President William Ruto agreed to fast-track six green investment projects worth $4.1 billion spanning green energy, agriculture and transport.

Sunak praised Kenya’s pioneering climate leadership and urged President Ruto to continue championing clean growth.

The new, clean and green investments projects will become flagship projects of the UK-Kenya Strategic Partnership. This ambitious five-year agreement is unlocking mutual benefits for the UK and Kenya.

The projects include:

• new geothermal and solar energy generation at Menegai and Malindi;
• a $3.5 billion Public Private Partnership to deliver the Grand High Falls Dam, which will generate a gigawatt of renewable power and provide an area over twice the size of the Maasai Mara with drought-combating irrigation solutions;
• the green regeneration of central Nairobi anchored around a new central rail station; and
• a $263,957,024 investment in a climate-resilient agriculture hub for the Lake Victoria region in Kisumu, which will create 2,000 direct jobs and provide an income for a further 20,000 farmers.

The UK Government will commit $16.5 million to a new guarantee company that will lower investment risk and unlock $99 million of climate finance for Kenyan projects over the next 3 years through collaboration with CPF Financial Services and other private investors.

The Prime Minister praised President Ruto’s pioneering climate leadership and urged Kenya to continue along the path of green growth, urging all countries to deliver on the commitments made at COP26 in Glasgow.

Throughout its COP26 Presidency, the UK has worked with partners across Africa to deliver and build on the Glasgow Climate Pact, and to see commitments made at COP26 turned into action.

For example, since COP26, $6.2 million has been committed in Kenya, and $3.2 million will be spent to support Kenya’s energy transition, unlocking private sector investment in forest protection and the Kenyan Government’s ambitious 10% forest cover target.

But the UK recognises that there is further work to do. During his recent visit to Kenya, COP President Alok Sharma reaffirmed the need for progress on access to finance and transformational adaptation action by COP27.

British High Commissioner to Kenya Jane Marriott, said: “The UK and Kenya go far when we go together. By fast-tracking finance into these clean, green projects with honest, reliable investment the UK is supporting Kenya to advance and maintain its continent-leading climate credentials – with mutual benefits for both our countries.”

Source: https://energynewsafrica.com