SHARM-EL-SHEIKH (Egypt), Nov 8 (NNN-KBC) — The UK and Kenya have agreed to progress Ksh 500 billion of new British investment projects to support Kenya’s leadership on climate change.
In a statement Monday, the two countries announced they had reached a deal to fast-track finance six major clean and green projects in Kenya.
At the same time, the new UK PM praised President William Ruto for pioneering climate leadership and urged Kenya to continue along the path of green growth.
The Kenyan President and UK Prime Minister Rishi Sunak met at the COP27 climate summit on Monday.
The leaders agreed to fast-track six green investment projects worth Ksh. 500 billion spanning green energy, agriculture, and transport. Sunak praised Kenya’s pioneering climate leadership and urged Ruto to continue championing clean growth.
The UK and Kenya have agreed to fast-track six projects worth KES 500 billion to accelerate the flow of climate finance into Kenya after the UK Prime Minister and Ruto met at the COP27 climate summit in Sharm-el-Sheik, Egypt.
These new, clean, and green investments will become flagship projects of the UK, Kenya Strategic Partnership – an ambitious five-year agreement that is unlocking mutual benefits for the UK and Kenya.
The projects include; New geothermal and solar energy generation at Menegai and Malindi; a Ksh. 425 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 Ksh 32 billion investment in a climate-resilient agriculture hub for the Lake Victoria region in Kisumu that will create 2,000 direct jobs and provide an income for a further 20,000 farmers.
“The UK Government will commit Ksh 2 billion to a new guarantee company that will lower investment risk and unlock Ksh 12 bn of climate finance for Kenyan projects over the next 3 years, through collaboration with CPF Financial Services and other private investors,” the statement read
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 the official COP26 turned into action.
“In Kenya, since COP26 £5.4m has been committed and £2.8m 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 recognizes that there is further work to do,” added the statement
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.
“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,” said British High Commissioner to Kenya Jane Marriott. — NNN-KBC
