Kenya reaps big in US-UK deal
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Kenya reaps big in US-UK deal with more funds set to be channeled toward transforming an existing Kenyan surplus geothermal energy
Kenya reaps big in US-UK deal with more funds set to be channeled toward transforming an existing Kenyan surplus geothermal energy.
Kenya benefited greatly from a meeting between King Charles III and US President Joe Biden on July 11 at Windsor Castle.
The nation won two big contracts that are anticipated to strengthen its bilateral ties with the two Western nations.
Numerous prominent philanthropists and bankers pledged during the climate change-focused meeting to secure the funding required to assist Kenya and other nations in addressing the crisis.
The Forrest Group, an investment firm with holdings in several industries, will pursue a special portfolio to finance diverse green projects, according to a statement released by the UK government.
According to the deal, a portion of the investment would go toward producing green hydrogen from an existing surplus geothermal energy source in Kenya.
However, the dispatch did not specify which geothermal energy source in Kenya will profit from the investment.
The exact amount was also not revealed.
“Forrest Group will pursue a unique portfolio of blended philanthropic, private, and public finance with seven priority actions to continue the scale-up of its green metals and green businesses to ensure standards are set in a way that helps emerging economies thrive,” a joint statement from UK and US read in part.
The statement also revealed that BlackRock, a global asset manager, will follow up on its commitment to investing $190 million (Ksh26.8 billion) in renewable energy in Kenya and the Philippines through its Climate Finance Partnership (CFP) initiative.
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In total, 22 multinational companies attended the meeting and pledged support to Africa and Asia in tackling climate change.
Kenya will also benefit from several key deals that target East Africa and the larger Sub-Saharan Africa.
This includes Ksh141 billion investment in Central and South America, the Middle East, and North and Sub-Saharan Africa to develop products and systems that reduce negative environmental impacts and create sustainable and mutually beneficial outcomes.
On February 17, 2023, President William Ruto called on developed nations to adopt a new paradigm shift in the financing of climate action.
“There is a need to review the current financial system to serve its purpose. I don’t think reform is the right word. We need a new architecture to respond to climate change,” the President noted then while meeting United Nations Secretary-General António Guterres.
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