Kenya Seals Twin Deals in Historic Biden- King Charles UK Summit
The meeting between King Charles III and Vice President Joe Biden of the United States, which took place on July 11 at Windsor Castle, was very beneficial for Kenya.
It is anticipated that the country’s bilateral relations with the two Western countries will be further strengthened as a result of the country’s successful negotiation of two big deals.
During the summit that was focused on climate change, several prominent philanthropists and bankers committed to providing the necessary cash to assist Kenya and other nations in combating the climate issue.
According to a statement that was distributed by the government of the United Kingdom, an investment firm known as the Forrest Group, which has interests in a variety of industries, plans to pursue a one-of-a-kind portfolio to finance a variety of environmentally friendly initiatives.
According to the agreement, a portion of the investment would be used to support the conversion of an existing surplus geothermal energy source in Kenya into a facility capable of producing environmentally friendly hydrogen.
However, the dispatch did not identify which geothermal energy source in Kenya will benefit from the investment. In addition, the precise sum was not disclosed.
An excerpt from a joint statement issued by the United Kingdom and the United States read, in part, as follows: “Forrest Group will pursue a unique portfolio of blended philanthropic, private, and public finance with seven priority actions to continue the scale-up of its green metals and green businesses to ensure that standards are set in a way that helps emerging economies thrive.”
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In addition, the statement disclosed that BlackRock, a global asset management, will follow through on its commitment to invest $190 million (Ksh26.8 billion) in renewable energy projects in Kenya and the Philippines as part of its Climate Finance Partnership (CFP) initiative.
At the summit, representatives from a total of 22 global corporations voiced their commitment to assisting Asia and Africa in combating climate change.
Kenya will also profit from several significant accords that have been struck with other countries in East Africa and throughout Sub-Saharan Africa.
This comprises an investment of 141 billion shillings in North and Sub-Saharan Africa, the Middle East, Central, and South America, and the Middle East to produce products and systems that reduce harmful effects on the environment and achieve outcomes that are sustainable and mutually beneficial.
On February 17, 2023, President William Ruto issued a call to action to wealthy nations, urging them to embrace a new paradigm shift in the manner in which they finance climate change.
It is necessary to analyze the existing monetary system for it to fulfill its function. I do not believe that “reform” is the appropriate word. The President made this observation back then when meeting with António Guterres, the Secretary-General of the United Nations. “We need a new architecture to respond to climate change.”
Kenya Seals Twin Deals in Historic Biden- King Charles UK Summit
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