The International Finance Cooperation (IFC), World Bank’s investment arm, has named Kenya among the four sub-Saharan countries to benefit from the KSh30 trillion clean energy fund over the next ten years.
According to IFC, Kenya, Kenya, Nigeria, South Africa, and Cote d’Ivoire stand to gain KSh6.3 trillion in investments into grid-scale renewable energy projects, thus creating 2.2 million jobs.
This is according to the IFC’s report dubbed ‘Ctrl-Alt-Delete: A Green Reboot for Emerging Markets’ that identifies ten sectors that can support job creation and sustainable growth in 21 emerging economies, including Kenya. The report, compiled in partnership with advisory firm Guidehouse Insights, sought to quantify potential investment opportunities, job creation and greenhouse-gas emissions reduction associated with green recovery measures.
The report further projects that this would reduce greenhouse gas emissions by 46.5 million tonnes by 2030, even as investor appetite remains strong, with auctioned renewable capacity 15% higher between January and October 2020 compared to the same period in 2019.
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