The Climate Investment Funds (CIF), managed by the World Bank, reported on Wednesday that it has expanded $46.39 million (Sh7.38 billion) to Kenya to upgrade the country’s utilization of renewable energy.
Luis Tineo, the interim President of CEO, said that the concessional subsidizing will uphold investments aimed toward further developing power dispatch and grid stability, empowering Kenya to harness more solar and wind power sources.
As per the Ministry of Energy in Kenya, almost 90% of the country’s energy comes from sustainable sources, with 45% from geothermal and 26 percent from hydropower.
The ministry said that this plan will help Kenya in its objective to accomplish 100% clean energy in the power framework by 2030 and position it on the way to accomplishing Net Zero by 2050.
Keith Hansen, the World Bank’s country director for Kenya, said that Kenya is a leader in the progress to 100% clean energy by 2030, guaranteeing general admittance to power at the earliest.
“The World Bank is supporting the government of Kenya in developing a smart and flexible energy system that makes these ambitions possible.”