The United Kingdom has pledged £6.6 million to sponsor 50 green investment projects in Kenya aimed at combating climate change. A total of 10 counties in the country have been selected to develop these projects.
The fund is set to be distributed among 10 counties to create the 50 projects and bring them to reality.
The investment by the UK Government is also intended to create jobs in the East African country and preserve the country’s rich biodiversity and distinctive landscape.
A Kenyan media outlet reported that the 10 counties set to receive the funds and benefit from the initiative include Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wajir.
Leigh Stubblefield, Development Director at the British High Commission in Nairobi explained that notably countries with the least carbon footprints often experience the catastrophic effect of climate change the most.
He cited the ongoing disastrous floods in Kenya as an example of his theory.
“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,” he stated.
The County Green Finance Assessment which was recently launched in Nairobi is tasked with directing how the funds will be allocated to the ten counties selected.
“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 added.
The report for the funding was done by the Financial Sector Deepening Kenya (FSD Kenya), an independent trust backed by the UK government to provide financial solutions to Kenya’s real-world challenges.
“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.
County Green Finance Assessment guides funding allocation for long-term climate solutions in the selected Kenyan counties.
Source: Nairametrics