A Look into Multi-billion Dollar Climate Summit Deals Signed in Nairobi

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Kenya and other African countries struck climate-related financing deals worth $23 billion (Sh3.36 trillion) at the just-ended inaugural Africa Climate Summit in Nairobi.

The deals, some directly targeted at Kenya such as the Sh1.9 billion (€12 million) in grants from the European Union (EU) for investment in the country’s green hydrogen industry, are expected to accelerate Africa’s green agenda.

Announced by COP 28 president-designate Sultan Al Jaber, the $4.5 billion (Sh657.2 billion) finance initiative to unlock Africa’s clean energy is one of the summit’s big deals.

Britain announced £49 million (Sh8.99 billion) for UK-backed projects. The deal includes £34 million (Sh6.2 billion) for new projects across 15 African countries to help women, at-risk communities, and more than 400,000 farmers build resilience against the effects of climate change, according to the UK foreign, commonwealth, and development office.

The African Development Bank (AfDB) and Global Center on Adaptation launched a $1 billion (Sh145.5 billion) initiative to finance youth-led businesses and startups across Africa.

AfDB also committed to providing $25 billion towards climate finance by 2025, adding to the Summit’s deals book.

The US Climate envoy John Kerry announced that the US will provide $30 million (Sh4.38 billion) in food security and climate resilience efforts across the continent.

The United Arab Emirates investors committed to buying $450 million (Sh65.7 billion) of carbon credits generated in Africa by 2030.

Climate Asset Management— a joint venture of HSBC Asset Management and Pollination, a specialist climate change investment and advisory firm—also announced a $200 million (Sh29.2 billion) investment in green projects.

Germany announced a €60 million (Sh9.4 billion) debt swap with Kenya to free up money for green projects.

The Bezos Earth Fund announced a $22.8 million (Sh3.3 billion) to accelerate the restoration of 600,000 hectares in the Greater Rift Valley in Kenya and the Lake Kivu and Rusizi River Basin in DRC Congo, Rwanda, and Burundi.

Climate and impact fund manager Camco, with a presence in Kenya, announced commitments worth $25 million in equity and debt funding for Spark Energy Services to deepen solar initiatives in Sub-Saharan Africa.

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