President William Ruto and UK Prime Minister Rishi Sunak have committed to fast-tracking six projects amounting to Ksh. 500 billion to enhance the flow of climate financing into Kenya. They met at the COP27 climate summit in Sharm el-Sheikh, Egypt yesterday.
A Ksh. 425 billion public-private partnership is set to build the Grand High Falls Dam, which will produce a gigawatt of renewable electricity for drought-fighting irrigation solutions, according to an official communiqué of the Monday conference. The projects also include new geothermal and solar energy generation at Menengai and Malindi.
Other initiatives include the green redevelopment of Nairobi’s downtown, centred around a new rail hub, and a Ksh. 32 billion investment in Kisumu’s climate-resilient agriculture hub, which would support 20,000 more farmers and provide 2,000 direct employment opportunities.
The UK government announced that it will contribute Ksh. 2 billion to a new guarantee company that, in partnership with CPF Financial Services and other private investors, will reduce investment risk and make Ksh. 12 billion in climate finance available for Kenyan projects for the next three years.
These investments are anticipated to become the centrepiece initiatives of the ambitious five-year UK-Kenya Strategic Partnership, which aims to maximize mutual benefits for the two nations. “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 commended President Ruto for his innovative climate leadership
