UK announces Ksh.1.1B funding for green projects in 10 Kenyan counties

The United Kingdom has announced a £6.6 million (Ksh.1.1 billion) funding towards 50 green investment projects in Kenya.

According to a Wednesday dispatch from the British High Commission in Nairobi, the funding was guided by the UK-funded County Green Finance Assessment launched on Wednesday, which evaluated the ability of 10 counties to access green finance.

These include Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wajir.

The new funding marks an increase from £3.1 million (Ksh.520 million) and aims to empower counties to direct investment towards such sectors as water, healthcare, or energy infrastructure.

“These green investments could also create jobs and grow local economies, whilst simultaneously protecting Kenya’s incredible biodiversity and unique landscapes. It will also support the development of new financial solutions to increase access to affordable, green, quality, housing – including associated infrastructure and services,” said the British High Commission.

The County Green Finance Assessment analysed each county based on financial performance, credit risk, the availability of green investment opportunities and the counties’ abilities to manage green finance.

“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 report is developed with Agusto & Co. in partnership with the Capital Markets Authority, the ADA Consortium, and the Nairobi Securities Exchange.

The assessment was completed with the approval of The National Treasury and Economic Planning, the British High Commission said.

It supports the UK-Kenya Strategic partnership, an ambitious five-year agreement towards mutual benefits for the two countries, including job creation and economic growth.