Ruto meets Rishi Sunak, agree on KES 500 billion climate finance projects
Following a meeting between the UK Prime Minister Rishi Sunak and Kenyan President Ruto at the COP27 climate summit in Sharm el-Sheikh, Egypt, the UK and Kenya have agreed to expedite six projects totaling KES 500 billion in order to increase the flow of climate finance into Kenya.
The innovative, green investments will serve as the centerpieces of the ambitious, five-year UK-Kenya Strategic Partnership, hence realising benefits to both the UK and Kenya.
The projects include: new geothermal and solar energy generation at Menegai and Malindi; a KES 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.
According to a press release from the British High Commission in Nairobi, the UK Government will contribute KES 2 billion to a new guarantee company that, in partnership with CPF Financial Services and other private investors, will lower investment risk and make KES 12 billion in climate finance available for Kenyan projects over the course of the next three years.
“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 Prime Minister called on all nations to fulfill their commitments made at COP26 in Glasgow and praised President Ruto’s innovative climate leadership.
He also urged Kenya to continue on its path toward green growth.
The UK worked with partners in Africa throughout its COP26 Presidency to implement and expand upon the Glasgow Climate Pact and see the COP26 commitments put into practice.
For instance, in Kenya since COP26, £5.4 million has been committed, and £2.8 million will be spent to support Kenya’s energy transition and the ambitious 10% forest cover goal set by the Kenyan government.
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