Kenya will prioritize use of green finance to fund public projects in order to respond to climate change, a government official said on Thursday.
Julius Muia, Principal Secretary of National Treasury, told journalists in Nairobi that there are many unexploited opportunities to raise climate friendly finance from domestic and international capital markets.
Use of green finance will also enable the country to meet its international obligations such as the Paris Agreement by pursuing low carbon development pathways, Muia said when Prudential, an insurer, celebrated the opening of its Africa Regional Headquarters in Kenya.
According to the national treasury, the east African nation has already developed a pipeline of green projects in the energy, water, transport and agriculture sectors.
Muia revealed that Kenya has already put in place a comprehensive framework that provides fiscal incentives that will promote issuance and use of climate friendly finance.
He said that the Nairobi International Financial Center will also promote inflow of foreign green finance to develop sustainable projects in Kenya.
The official added that negative effects of climate change are already visible locally, hence the need to finance adaptation and mitigation measures of the growing climate crisis. Enditem