UK pledges Sh1.1Bn for 50 green projects in Kenya
The UK has pledged Kes1.1 billion (£6.6 million) in funding, to ignite the advancement of 50 environmentally friendly investment initiatives spread across 10 counties in Kenya. The majority of this funding will bolster the counties in realizing these 50 projects and procuring the necessary finances to bring them to fruition.
Leigh Stubblefield, Development Director at the British High Commission Nairobi, highlighted the disproportionate impact of climate change on nations least responsible for its onset, commending Kenya’s climate mitigation efforts.
“As flooding causes disruption across Kenya, we can see clearly how the countries that are least responsible for climate change are the worst affected. We admire Kenya’s impressive climate credentials and are proud of our climate partnerships,” Leigh Stubblefield, Development Director at the British High Commission Nairobi said.
These green ventures aim not only to foster employment opportunities and bolster local economies but also to safeguard Kenya’s rich biodiversity and distinctive landscapes.
The funding will empower counties to channel investments towards sectors in dire need of support, such as water, healthcare, or energy infrastructure, while also fostering the creation of new financial solutions to enhance access to affordable, sustainable housing and related amenities.
Stubblefield emphasized the long-term commitment to finding enduring solutions, urging nations to leverage the report to pursue green growth for the collective benefit of people, the planet, and prosperity.
“This report and funding are long-term commitments to find quality, long-term solutions. I encourage countries to use the report to continue along the path of green growth, so together we can protect our people, planet, and prosperity. We go far when we go together.” the Director explained.
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County Green Finance Assessment
The 10 counties set to benefit from this funding encompass Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wajir. The allocation of funds to these counties was guided by the County Green Finance Assessment, officially launched in Nairobi.
The County Green Finance Assessment evaluated each county based on four key criteria: financial performance, credit risk, the availability of green investment opportunities, and the counties’ capacity to manage green finance.
This analysis, facilitated by Financial Sector Deepening Kenya (FSD Kenya), an independent trust supported by the UK government, aims to address real-world challenges facing Kenya by delivering financial solutions. FSD Kenya will further assist counties in developing and executing projects.
Tamara Cook, CEO at FSD Kenya, emphasized the significant natural assets requiring management, protection, and preservation, underscoring core government services such as water, energy, waste management, and transport as prime avenues for green investment opportunities.
“The assessment of the green opportunity in counties illuminates the immense natural asset base that needs to be managed, protected and preserved. It is also clear that core government services such as water, energy, waste management and transport provide valuable avenues for green investment possibilities where there is growing demand.” said the CEO at FSD Kenya.
Cook also stressed the importance of preparing green projects with counties to ensure that green funding is allocated towards local development priorities, thus ensuring a lasting impact.
