- The funding is expected to create jobs and grow local economies, whilst simultaneously protecting Kenya’s biodiversity and unique landscapes.
- The money will empower counties to direct investment towards sectors in most need of support, which could include water, healthcare, or energy infrastructure.
Image: JAMES FINLAY
The UK has announced funding to kick-start the development of 50 green investment projects across 10 counties in the country.
The funding of Sh1.1 billion (£6.6 million) will mostly support the counties to develop the 50 projects and secure financing to make them a reality.
These green investments are also expected to create jobs and grow local economies, whilst simultaneously protecting Kenya’s biodiversity and unique landscapes.
The 10 counties to benefit from the funding are Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wajir.
The funding to the counties was guided by the County Green Finance Assessment, which was launched on Thursday at an event in Nairobi.
“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.
The money will empower counties to direct investment towards sectors in most need of support, which could include water, healthcare, or energy infrastructure.
It will also support the development of new financial solutions to increase access to affordable, green, quality, housing, including associated infrastructure and services.
“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,” Stubblefield added.
The County Green Finance Assessment analysed each county based on four criteria including financial performance, credit risk, the availability of green investment opportunities and the counties’ abilities to manage green finance.
The analysis was produced by Financial Sector Deepening Kenya (FSD Kenya), an independent trust set-up and supported by the UK government to deliver financial solutions to the real-world challenges facing Kenya.
FSD Kenya will also provide the support to counties to develop and implement projects.
“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,” Tamara Cook, CEO at FSD Kenya said.
Cook added the next step will be to prepare green projects with counties so that green funding can be directed towards local development priorities in a manner that creates a lasting impact.