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Government and Policy

Kenya, UK to Fast-Track Ksh 500 Billion Climate Finance Investment

BY Jane Muia · November 8, 2022 12:11 pm

KEY POINTS

425 billion shillings will go towards 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.

President William Ruto and British prime Minister Rishi Sunak have agreed to fast-track six green investment projects worth 500 billion shillings spanning green energy, agriculture, and transport. Ruto and Sunak 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 two countries.

‘’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,’’ British High Commissioner to Kenya Jane Marriott said.

The projects include the expansion of Malindi Solar and adding battery storage that will cost 7.5 billion shillings in investment. Further, 12.5 billion shillings will go towards a 35 MW Menengai Geothermal which will be led by the Geothermal Development Cooperation (GDC) and will mark the full development of a field discovered by GDC. The project has a signed and effective Power Purchase agreement with KPLC that confirms one of the cheapest tariffs for baseload renewable power.

In addition, 425 billion shillings will go towards 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 fund is also targeting the green regeneration of central Nairobi anchored around a new central rail station.  Sunak noted that  31 billion shillings will go towards investment in a climate-resilient agriculture hub for the Lake Victoria region in Kisumu, a project that will see 2,000 direct jobs created and provide an income for a further 20,000 farmers.

The UK Government will commit 2 billion shillings to a new guarantee company that will lower investment risk and unlocks 12 billion shillings 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.

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