Following a meeting at the COP27 climate summit in Sharm el-Sheikh, Egypt, between UK Prime Minister Rishi Sunak and Kenyan President William Ruto, the UK and Kenya have agreed to expedite six projects totaling Ksh 500 billion in order to increase the flow of climate finance into Kenya.
The innovative, green investments will be the centerpieces of the ambitious five-year UK-Kenya Strategic Partnership, benefiting 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 drought-fighting irrigation solutions to an area more than twice the size of the Maasai Mara; central Nairobi green regeneration anchored around a new central rail station; and a Ksh 32 billion investment in climate-resilient agriculture.
According to a press release issued by the British High Commission in Nairobi, the UK Government will contribute KES 2 billion to a new guarantee company that, in collaboration with CPF Financial Services and other private investors, will reduce investment risk and make KES 12 billion in climate finance available to Kenyan projects over 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 urged all nations to keep 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.
Throughout its COP26 Presidency, the UK collaborated with African partners to implement and expand on the Glasgow Climate Pact and see the COP26 commitments put into action.
For example, in Kenya, £5.4 million has been committed since COP26, with £2.8 million set to support Kenya’s energy transition and the ambitious 10% forest cover goal set by the Kenyan government.
