William Ruto Secures KSh 680 Billion In Green Funding At COP28 In Dubai: List Of 7 Projects

• President William Ruto secured investments worth KSh 689 billion into the energy sector
• The projects include a KSh 229.8 billion investment by Fortescue for a green fertiliser project
• Kenya, Indonesia, and Masdar will collaborate to establish a 300 MW geothermal project at Suswa, at a cost of KSh 153.2 billion

Elijah Ntongai, a journalist at TUKO.co.ke, leverages more than three years of expertise in financial, business, and technology research, providing profound insights into both Kenyan and global economic trends.

President William Ruto's leadership took center stage at the COP28 in Dubai as Kenya sealed landmark deals worth a staggering KSh 680 billion (approximately $4.48 billion) in green energy investments.

These achievements position Kenya as a pivotal player in the global green transition, marking a significant stride towards sustainable development.

The deals made under the Africa Green Industrialisation Initiative (AGII), signify a pivotal moment for Kenya's, and Africa's economic growth, energy security, and environmental sustainability.

President Ruto's pivotal role in hosting the Africa Climate Summit in Nairobi set the stage for Kenya's remarkable success at COP28 with transformative deals set to revolutionise Kenya's energy landscape.

Deals made at COP 28

1. Fortescue, a global green energy company headquartered in Australia and Kenya will collaborate for a green ammonia project worth $1.5 b (KSh 229.8 billion) to bolster energy security while diminishing import dependency.
2. Ruto also secured $600 million (KSh 91.9 billion) for a data centre at Olkaria KenGen, Konza, and US investors are set to establish a 200MW data center powered by geothermal energy, paving the way for technological innovation in the country and sustainable energy.
3. Kenya, Indonesia, and Masdar will collaborate to establish a 300 MW geothermal project at Suswa, at a cost of $I billion (KSh 153.2 billion). Masdar, also known as the Abu Dhabi Future Energy Company, is a United Arab Emirates state-owned renewable energy company.
4. Globeleq's development of a 35MW geothermal project in Menengai for $110 million (KSh 16.8 billion) will secure investments and further advance Kenya's renewable energy portfolio.
5. Geothermal Development Company (GDC) and AMEA Power's collaboration on the $800 million (KSh 122.6 billion) Paka Geothermal project marks a significant step in the expansion of sustainable energy sources.
6. The launch of Clean Energy Supply Chain (CESC) by the US, Brazil, India, and Kenya, supported by a substantial loan of $200 million (KSh 30.6 billion) for developing countries, is a joint effort towards expanding the clean energy supply chain.
7. United Green and Kenya Development Corporation are set to partner for a 15,000-hectare sustainable agriculture project, with an investment of $270 million (KSh 41.3 billion), emphasising Kenya's commitment to environmentally friendly practices.

What these investments mean for Kenya

These investments not only promise economic growth but also underscore the nation's dedication to environmental stewardship and energy self-sufficiency.

As the country embraces a focused Green Diplomacy Strategy, these ventures stand as a testament to Kenya's commitment to mitigating climate change and fostering a sustainable and resilient economy.

Kenya to receive KSh 1.83 trillion

In other related news, the World Bank reiterated its commitment to supporting Kenya in its journey to become an upper-middle-income country by 2030 with a total financial package of $12 billion (KSh 1.83 trillion) over the next three years.

According to a statement distributed by APO Group on behalf of The World Bank Group, Kenya already benefits significantly from the World Bank's support, currently accessing approximately $2 billion (KSh 304.9 billion) annually in concessional financing.