Ruto secures Sh680b in green investment deals at COP28

Monday, December 4th, 2023 02:30 | By
Ruto secures Sh680b in green investment deals at COP28
President William Ruto addresses delegates at COP28 in Dubai. PHOTO/Print

Kenya has secured Sh680 billion ($4.48 billion) in green investment pledges at the ongoing COP28 climate summit in Dubai, the government has said. The pledges encompass diverse projects aimed at fostering renewable energy, environmental conservation, and sustainable development.

“GOK and international investors have today at COP28 announced investment deals worth $4.48 billion in green development projects in Kenya,” the government said in a statement.

One of the significant investments comes from Australia-based mining and green energy giant Fortescue Industries, committing Sh228 billion ($1.5 billion) towards the establishment of a state-of-the-art fertiliser factory. The factory, slated to be operational by 2025, marks a groundbreaking venture for Fortescue Industries into the African market. This investment aligns with Kenya’s commitment to boosting agricultural productivity while promoting eco-friendly practices.

“This is the moment for Africa to shine, for us to turn potential into opportunity and opportunity into investments,” President William Ruto said. “We meant every word of it. We want to thank partners like the UAE for hosting this forum with us as COP28 presidency and giving it the profile that we now have.”

In another strategic move, two prominent US-based investors have pledged Sh228 billion for the construction of a cutting-edge data center at Olkaria. This initiative is a collaborative effort with Kenya Electricity Generating Company (KenGen) and Konza Technopolis, aiming to create a digital infrastructure hub that harnesses clean energy. The data center is expected to play a pivotal role in advancing Kenya’s technological capabilities and supporting the nation’s digital transformation agenda.                   

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