Kenya plans to embrace the use of green finance in order to tackle negative effects of climate change, an official said on Thursday.
Geoffrey Mwau, senior economic advisor to the National Treasury, told journalists in Nairobi that Kenya will take advantage of its numerous natural resources, especially in the energy sector in order to expand the portfolio of green investments.
“Kenya is making a shift to green finance both in the public and private sector because it will promote economic growth and address the effects of climate change,” Mwau said during the launch of the America Chamber of Commerce Economic Outlook Forum.
The East African nation’s first corporate green bond was listed at the Nairobi Security Exchange and the London Stock Exchange in January.
Mwau said that Kenya is also planning to issue its inaugural sovereign green bond in order to fund climate-friendly infrastructure projects.
“We are yet to determine the exact time and amount of the government bond but it will probably be listed during the next financial year,” he added.
He observed that the green bonds are part of Kenya’s commitment to meet international obligations such as the Paris Climate Change agreement on reducing greenhouse gas emissions.
The National Treasury has already put in place a number of fiscal incentives to promote the use of green finance locally. Enditem