Kenya has secured more than Sh758 billion ($4.978 billion) in investments to drive its green energy agenda, President William Ruto has announced at the COP28 summit.
The president made his announcement at the high-level party event, where he emphasised the commitment made during the Africa Climate Summit to leverage green energy for industrialisation, job creation, and overall prosperity.
“This is the moment for Africa to shine, for us to turn potential into opportunity and opportunity into investments,” President Ruto said. “We meant every word of it. We want to thank partners like the UAE for hosting this forum with us as COP28 presidency and giving it the profile that we now have.”
In line with this commitment, Ruto outlined major investments in a bid to demonstrate Kenya’s dedication to a sustainable future.
The President highlighted the concrete steps being taken, with US$1.5 million earmarked for a green geothermal plant in Kenya.
“Let me announce a substantial investment of US$1.5 million has been allocated for a green geothermal plant in Kenya,” he said.
The Head of State also announced another US$110 million investment deal in a 35-megawatt geothermal project in Menengai.
“We are fortunate for the opportunity; we are laying bare those opportunities for the world to see, for the world to appreciate, and for the world to come along with us because we have a real investment that will change the course of history,” he said.
The President revealed ongoing discussions with Burundi for collaborative efforts in processing nickel reserves, aligning with Kenya’s strategy of using renewable energy.
“These are great investments that are in tandem with saving the planet,” he noted.
In collaboration with the UAE, another US$1 billion geothermal project was initiated, that is expected to generate 300 megawatts of power.
Additional investments include US$275 million in smart agriculture, covering 15,000 hectares, and a US$600 million project for one of Africa’s largest green data centres powered entirely by renewable energy that will be established in the country.
President Ruto assured that Africa is ready to make bold decisions to address climate change challenges, creating a prosperous and sustainable future for the continent.
He discussed transforming the export landscape by utilising solar energy for iron ore processing.
President Ruto also emphasised the potential of utilising solar energy from the Sahel region to process iron ore from Mauritania, envisioning a shift towards exporting green steel instead.
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“There is no reason why we cannot use solar energy from the Sahel region to process iron ore from Mauritania and export green steel instead of iron ore from Mauritania,” he stated.
President Ruto underscored the significance of the investments, noting that they align seamlessly with the mission to save the planet.