NAIROBI, Kenya, Jan 31 – The Government of Kenya has unveiled plans to accede to the establishment of a Global Green Growth Institute (GGGI) that will support green investments in the country.
The GGGI, established in 2012, is a treaty-based international, intergovernmental organization whose vision is a low-carbon, resilient world of inclusive and sustainable growth by supporting members in the transformation of their economies to a green growth economic model.
The Treasury in its rationale report for Kenya’s accession to the GGGI notes that key areas the country can tap into in terms of green investments are waste, solar energy, sustainable transport, green buildings and industry, forest (sustainable) landscapes, and gender and inclusive development.
According to the National Treasury, joining the GGGI will give the country an excellent position to lead the new development paradigm that focuses on a green growth model.
This is because the model simultaneously tackles poverty reduction, social inclusion, environmental sustainability, and sustainable green economic growth
Further, the Treasury noted that joining the GGGI will bridge the gap between finance and projects through the development of bankable projects, national financing vehicles, and risk reducing instruments.
It also noted that in acceding the establishment of the institute, the country will be better placed to leverage public and private sector investment in green growth projects and programs at a scale which can bring about required transformational change
The National Treasury has invited comments on Kenya’s accession to the GGGI to be forwarded through the email, climatefinance@treasury.go.ke, by February 10.
The GGGI African Program currently has 40 projects in implementation with green investment Project Portfolio of USD 1.87 Billion in capital cost requirement.
The beneficiary member countries include Burkina Faso, Cote d’Ivoire, Ethiopia, Rwanda, Senegal, Morocco, and Uganda.
