President William Ruto and UK Prime Minister Rishi Sunak have agreed to fast-track six projects worth Ksh.500 billion to accelerate the flow of climate finance into Kenya after the two leaders met at the COP27 climate summit in Sharm-el-Sheik, Egypt.
The projects include the new geothermal and solar energy generation at Menengai and Malindi; a Ksh.425 billion public-private partnership to deliver the Grand High Falls Dam, which will generate a gigawatt of renewable power towards drought-combating irrigation solutions.
Others are the green regeneration of central Nairobi anchored around a new central rail station(Nairobi Railway City project); 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 said it will commit Ksh.2 billion to a new guarantee company that will lower investment risk and unlock Ksh.12 billion of climate finance for Kenyan projects over the next 3 years, through collaboration with CPF Financial Services and other private investors.
These investments are expected to become flagship projects of the UK-Kenya Strategic Partnership, an ambitious five-year agreement set to unlock 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.
Sunak at the same time 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.
Commenting on the partnership, British High Commissioner to Kenya Jane Marriott, remarked, “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.”