Kenya Breaks Record With Ksh3.36 Trillion of Climate Financing Deals

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President William Ruto and other African Heads of State have struck deals worth Ksh3.36 trillion during the just concluded Africa Climate Summit held at KICC, Nairobi, aimed at mitigating the effects of climate change. 

The summit, which attracted over 15 heads of state and State officials, saw developed nations pledge billions to boost resilience and come up with climate financing solutions for Africa and the rest of the world.

Leading the donations is the United Arab Emirates (UAE) which pledged Ksh657 billion to advance towards clean energy projects in Africa.

A photo collage of Cop28 President Sultan Al Jaber (Left) and President William Ruto (Right) addressing African Climate Summit on Tuesday, September 5, 2023.

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While making the announcement, UAE’s Minister of Industry and Advanced Technology, Sultan Al Jaber said that the initiative would play a pivotal role in promoting sustainable development and drive innovation to mitigate the adverse effects.

United States of America

The United States, through Special Presidential Envoy for Climate John Kerry, pledged Ksh452 billion to address the climate changes affecting African nations.

Kerry revealed that US President Joe Biden is committed to assist developing nations who suffered from the effects of climate change caused by first world countries.

He said that the US government would avail Ksh437 billion annually as part of the President Emergency Programme for Adaptation.

“The President has now launched the President Emergency Programme for Adaptation, and we are prepared to help at least 500 million people in developing countries, especially in Africa, to be able to adapt to the worst impacts of these countries,” he said.

Additionally, he pledged Ksh4.3 billion to aid in food security programmes as well as Ksh5.1 billion from the United States Agency for International Development (USAID). 

American business mogul Jeff Bezos’ foundation, Bezos Earth Fund, also announced Ksh3.3 billion towards restoring two landscapes in Africa; the Great Rift Valley in Kenya and Rusizi River Basin in the Democratic Republic of Congo, Rwanda. 

Burundi also received a boost as Ksh8.7 billion was pledged towards the rural investments in the country. 

According to the Bezos Fund, the move is aimed at empowering the most vulnerable in the continent. 

Delegates at the African Climate Summit event at KICC, September 5, 2023.

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United Kingdom

The inaugural summit also saw the United Kingdom contribute Ksh13 billion for the same cause.

Andrew Mitchell, UK Minister of State in the Foreign, Commonwealth and Development Office (FCDO), made the announcement during the Summit and revealed that Ksh6.26 billion would be chanelled to 15 African countries.

According to Mitchell, the amount would assist women, marginalised communities and over 400,000 farmers mitigate the measures.

AfDB

The African Development Bank (AfDB) and Global Center on Adaptation pledged Ksh146 billion to boost youth-led startups in Africa. 

In addition, AfDB committed to contribute Ksh3.65 billion by 2025 to mitigate climate effects. 

The culmination of the Climate Summit saw the adoption of the Nairobi declaration which calls for a financial framework that is responsive to Africa’s needs including debt restructuring and relief.

 



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