United Kingdom Prime Minister, Rishi Sunak and Kenyan President William Ruto met at the COP27 climate summit in Sharm-el-Sheik, Egypt on Monday, November, 7 and agreed to fast-track six green investment projects worth KES 500 billion (3.58 billion GBP) spanning green energy, agriculture and transport.
Prime Minister Sunak praised Kenya’s pioneering climate leadership and urged President Ruto to continue championing clean growth.
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 two countries.
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.
The UK Government will commit KES 2 billion to a new guarantee company that will lower investment risk and unlock KES 12 bn of climate finance for Kenyan projects over next 3 years
The UK Government will commit KES 2 billion to a new guarantee company that will lower investment risk and unlock KES 12 bn of climate finance for Kenyan projects over the next 3 years, through collaboration with CPF Financial Services and other private investors.
The Prime Minister 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.
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 £5.4m has been committed and £2.8m will be spent to support Kenya’s energy transition, unlocking private sector investment in forest protection and the Kenyan Government’s ambitious 10 per cent forest cover target.
But the UK recognises that there is further work to do. During his recent visit to Kenya, COP President Alok Sharma reaffirmed the need for progress on access to finance and transformational adaptation action by COP27.
During the occasion, British High Commissioner to Kenya, Jane Marriott, said: “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.”
