President William Ruto and British Prime Minister Rishi Sunak have agreed to accelerate six sh.500 billion projects to accelerate climate finance for Kenya after the two leaders met at the COP27 climate summit in Sharm el-Sheikh, Egypt.
According to the official notice of Monday’s meeting, these projects include generating new geothermal and solar energy in Menengai and Malindi; A Ksh.425 billion public-private partnership to provide the Grand High Falls Dam which will provide one gigawatt of renewable power for this drought-proof irrigation solution.
Others include 32 billion Nairobi’s central green conversion built around the new central train station; and 300 million investment in climate resistant agriculture for the Lake Victoria area in Kisumu, which will create 2,000 direct jobs and generate income for 20,000 farmers.
The UK government, in partnership with CPF Financial Services and other private investors, announced that it will provide Ksh 2 billion to a new guarantee company that will de-risk the investment and unlock Ksh 12 billion of climate finance for Kenyan projects over the next 3 years.
The investment is expected to be a key project in the UK-Kenya Strategic Partnership, a major five-year agreement set to unlock mutual benefits for both countries.
“The UK and Kenya go further when we are together. By fast-tracking these clean green projects, the UK is supporting Kenya to promote and support the continent’s leading climate document – to the mutual benefit of both countries,” said Jane Marriott, British High Commissioner to Kenya.
The panel also commended President Ruto’s climate leadership and called on Kenya to continue on the path of green growth and called on all countries to implement the commitments made at COP26 in Glasgow.
