Kenya secures Ksh.16.6 billion loan from World Bank for climate change projects

Kenya secures Ksh.16.6 billion loan from World Bank for climate change projects

The World Bank Group has approved a Ksh.16.6 billion ($150 million) loan to Kenya for climate change projects.

The credit line from the International Development Association (IDA) is geared at supporting community identified and locally-led climate resilience projects in all rural wards in Kenya.

At the national level, the program is expected to strengthen the national government’s capacity to support county governments’ actions, enhance the collaboration between national entities on climate change and facilitate national oversight of the program.

The program is also expected to address gender and other equity dimensions alongside accelerating the use of participatory planning processes, innovation and climate science.

The financiang is expected to be complimented by a grant of Ksh.2.4 billion ($21.4 million) from the Social Sustainability Initiative for all Umbrella Multi-Donor Trust Fund which has resources from the government’s of Denmark and Sweden.

“Kenya has demonstrated leadership in establishing a policy framework to manage climate risk though climate action is still underfunded,” said Keith Hansen, World Bank Country Director for Kenya.

“This financing will support the Government of Kenya meet its climate commitments to increase financing for climate action, and particularly ensure climate financing and actions reach local communities.”

The disbursement comes ahead of the United Nations Climate Change Conference known as COP26 which begins this Sunday in Glasgow, Scotland and is expected to accelerates actions towards the reversal of climate change.

Mid this year, Kenyan government said it requires at least Ksh.6.8 trillion for the change mitigation and adaptation for the next ten years.

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Speaking during the official launch of the inaugural East Africa Breweries Limited (EABL) sustainable report, Environment Principal Secretary (PS) Dr. Chris Kiptoo said the government is working on a long-term strategy through its Climate Change Action Plan in an effort to attain net-zero emissions.

Similar targets are emphasized on the Kenya Green Economy Strategy and Implementation plan (GESI) 2016-2030.

According to Dr. Kiptoo, the government will require close to Ksh.1.97 trillion for mitigation and Ksh.4.83 trillion for adaptation towards the full realisation of the green economy.

“We expect all sectors to cartelize growth and development of sustainable products and services and promote a green economy. The ability to operate and produce sustainably will be attributed to a successful enterprise.” Dr. Chris Kiptoo.

According to the United Nations Environment Program, Kenya’s real Gross Domestic Product (GDP) in a green economy has the potential to exceed a business-as-usual scenario by 12 percent, pull 3.1 million people out of poverty and boost agricultural yields up 15 percent by 2030.

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