The United Kingdom has announced a £6.6 million (Ksh.1.1 billion) funding towards 50 green investment projects in Kenya.
The investment was directed by the UK-funded County Green Finance Assessment, released on Wednesday, which evaluated ten counties' capabilities to access green finance.
The funds will benefit counties such as Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wajir.
The increased money, up from £3.1 million (Ksh.520 million), intends to enable counties to allocate investment to areas such as water, healthcare, and energy infrastructure.
These green investments also create jobs and boost local economies while preserving Kenya's remarkable biodiversity and distinctive landscapes. They will also promote the creation of new financial institutions.
The County Green Finance Assessment assessed each county's financial performance, credit risk, availability of green investment options, and ability to handle green finance.
“As flooding causes disruption across Kenya, we can see clearly how the countries that are least responsible for climate change are the worst affected. We admire Kenya’s impressive climate credentials and are proud of our climate partnerships,” Leigh Stubblefield, Development Director at the British High Commission Nairobi, said.
The research was created by Agusto & Co. in collaboration with the Capital Markets Authority, the ADA Consortium, and the Nairobi Securities Exchange.
The British High Commission stated that the evaluation had been performed with the consent of the National Treasury and Economic Planning.
It backs the UK-Kenya Strategic Partnership, a five-year pact that aims to benefit both nations by creating jobs and boosting economic progress.