Kenya will spend approximately Sh477 billion annually in post Covid-19 climate change recovery plan, President Uhuru Kenyatta has said.
The president said this is a comprehensive overview of adaptation priorities by Kenya’s updated Nationally Determined Contribution (NDC).
"While we can realistically mobilize domestic resources to meet 13 per cent of this cost, we would need our external partners to support us fund the remaining 87 per cent," Uhuru said.
He spoke on Tuesday evening at State House, Nairobi during a virtual leaders' dialogue on the African Covid-Climate Emergency organised by the Global Centre on Adaptation (GCA) and the African Development Bank (AfDB).
He told the high level meeting that was co-chaired by GCA Chairperson Ban Ki-moon and President of AfDB Akinwumi Adesina that Kenya had deployed significant national resources to scale up climate change adaptation efforts.
The Head of State said the Covid-19 pandemic has worsened the impact of climate change on African economies noting that the continent's GDP had, for the first time in 25 years, dropped by over three percent in 2020.
"Multiple systemic shocks are now simultaneously threatening African communities: a health crisis, an economic crisis, and a food security crisis, all compounded by the climate change crisis," President Uhuru said.
He noted that Covid-19 had driven over 40 million Africans into extreme poverty, adding that African countries will require improved access to finance to be able to restart their economies and embark on a low carbon, resilient and inclusive recovery.
For Africa to achieve its climate change adaptation agenda, Uhuru called for more private sector participation and support from development partners.
"I must underscore on the need to leverage on the private sector and international finance, if we are to achieve this Climate Adaptation agenda. It is only through partnerships that we can strengthen and accelerate resilience on the Continent," he said.
This comes barely a week after the International Monetary Fund approved a Sh255 billion loan facility for Kenya which the Treasury says would be used to support the next phase of the Covid-19 response and address the urgent need to reduce debt vulnerabilities.
An initial disbursement of Sh79 billion is expected, of which Sh34 billion will be released immediately and Sh44.2 billion by June 30.
Treasury Cabinet Secretary Ukur Yatani said the country pursued the facility as the early measures announced by the government to the effect of tax reliefs, expanded health spending, and social interventions such as Kazi Mtaani set forth the need for additional cash.
