Kenyan President, William Ruto, and UK Prime Minister, Rishi Sunak have agreed to fast-track six projects worth Sh500 billion to accelerate the flow of climate finance into Kenya.
The two struck a deal after meeting at the COP27 climate summit in Sharm-el-Sheik, Egypt on Monday, November 7, 2022.
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 UK and Kenya.
The projects include;
- New geothermal and solar energy generation at Menegai and Malindi.
- A Sh425 billion Public Private Partnership to deliver the Grand High Falls Dam, which will generate a gigawatt of renewable power and provide an area twice the size of the Maasai Mara with drought-combating irrigation solutions.
- The green regeneration of Nairobi which is anchored around a new central rail station and the Railway City.
- A Sh32 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 will also commit Sh2 billion to a new guarantee company that will lower investment risk and unlock Sh12 billion of climate finance for Kenyan projects over the next 3 years.
Kenya’s President William Ruto meets with UK Prime Minister Rishi Sunak in Egypt
The Prime Minister praised President Ruto’s 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.
Throughout its COP26 Presidency, the UK has worked with partners across Africa to deliver and build on the Glasgow Climate Pact, and to see commitments made at COP26 turned into action.
For example, in Kenya since COP26 Sh753 million has been committed and Sh390 million will be spent to support Kenya’s energy transition, unlocking private sector investment in forest protection and the Kenyan Government’s ambitious 10% forest cover target.
