Kenya says ready to issue green bonds

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According to Peter Odhengo, director of climate change finance at the National Treasury, Kenya’s priority is climate adaptation, although the country is now focusing on mitigation due to lack of funding. / CFP

According to Peter Odhengo, director of climate change finance at the National Treasury, Kenya’s priority is climate adaptation, although the country is now focusing on mitigation due to lack of funding. / CFP

Kenya is ready to offer green bonds to fund climate change adaptation and mitigation activities, an official said on Thursday.

Peter Odhengo, director of climate change finance at the National Treasury, said the East African nation has a green finance framework that would make it easier to issue the bond.

“Our sovereign green bond framework has been reviewed and we have achieved an average green score which allows us to offer the bond and engage the private sector to support climate finance,” Odhengo said in Nairobi during a virtual forum dubbed “opportunities and challenges for sustainable development green finance: the case of Kenya”.

According to Odhengo, Kenya’s priority is climate adaptation, although the country is now focusing on mitigation due to lack of funding.

He said that in 2018 Kenya raised 223 billion shillings (US $ 2.8 billion) to fund climate activities, most of which came from public sources.

However, the country has since mobilized $ 2.5 billion supported by the World Bank to fund grassroots climate change adaptation activities.

Jackson Kiplagat, regional manager for sustainable investments at WWF Kenya, said it was essential for the private sector to be involved in financing climate activities.

Kiplagat said providing climate information to shape the public and organizations locally and globally will increase investment in green bonds.

Oskar Von Maltzan, regional director of the German Development Bank (KfW) in Kenya and Somalia, said green bonds are innovative ways to finance climate change activities, especially for Africa where they still need to be. be explored, the continent representing 1% of bonds in the world. .

Source (s): Xinhua News Agency

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