Kenya reaped big from a meeting between US President Joe Biden and King Charles III held at the Windsor Castle on July 11. The country bagged two significant deals expected to further solidify the country's bilateral relations with the two Western countries.
During the meeting that centred around climate change, a host of leading philanthropists and financiers committed to arranging the necessary funds to help Kenya and other countries tackle the climate crisis.
A statement shared by the UK government revealed that the Forrest Group, an investment company with interests in various sectors, will pursue a unique portfolio to finance various green projects.
The agreement indicated that a chunk of the investment will be channeled toward transforming an existing Kenyan surplus geothermal energy source to generate green hydrogen.
The dispatch, however, did not reveal which Kenyan geothermal energy source will benefit 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.
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.
