Stocks to watch on NSE as firms move to fight climate change

Stocks to watch on NSE as firms move to fight climate change

Increasing focus on fight against climate change, gas emission has taken shape in Africa and is expected to boost stocks performance for a number of the Nairobi Securities Exchange-listed firms.

Accelerated calls to combat climate change have seen a number of firms venture into e-mobility like KenGen as Kenya transitions from gasoline-powered vehicles to electric vehicles (EV).

On November 25, KenGen announced its plan to install over 30 EV charging stations across the country in 2023.

This has seen the company’s equities rally two days consecutively – Friday and Monday to emerge among top movers on the NSE – with 210,500 and 95,600 volume of stocks moved according to data from Metropol Harvest.

It’s planning to lead Kenya’s transition to EVs as another way of combating global gas emission crisis.

It is rolling out the exercise with four vehicles in first phase – two SUVs and two double-cabin pickups – which will primarily be used for data collection and policy development as the company prepares to install over 30 EV charging stations across the country in 2023.

“The four acquired EVs we are launching will give the company first-hand experience and data on electric vehicles,” said KenGen Acting Managing Director and CEO, Abraham Serem, adding that this is an endeavour they seek to conduct collectively with other stakeholders.

Besides KenGen, Kenya’s power monopoly – Kenya Power moved to trade 1,869,600 volume of shares Monday – top mover on NSE.

Kenya Power had on September 28 this year announced that it will be dropping fuel enabled vehicles for electric ones.

The plan includes a Ksh.40 million for three electric cars in first phase. The three include two pick-ups and one four-wheel drive car.

Kenya has enough electricity capacity of 3077 megawatts and an off-peak load of 1100 Megawatts to back the entire e-mobility system, said Kenya Power.

Bidders have already been invited for the construction of e-mobility network which will enable customers pay for the services via M-Pesa or credit card.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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