Kenya receives 46 mln USD from World Banks for renewable energy expansion-Xinhua

Kenya receives 46 mln USD from World Banks for renewable energy expansion

Source: Xinhua| 2024-02-01 01:13:02|Editor: huaxia

NAIROBI, Jan. 31 (Xinhua) -- The Climate Investment Funds (CIF), managed by the World Bank, announced on Wednesday that it has extended 46.39 million U.S. dollars to Kenya to enhance the country's utilization of renewable energy.

Luis Tineo, the interim CEO of CIF, said that the concessional funding will support investments aimed at improving electricity dispatch and grid stability, enabling Kenya to harness more solar and wind power sources.

According to the Ministry of Energy in Kenya, nearly 90 percent of the country's energy comes from renewable sources, with 45 percent from geothermal and 26 percent from hydropower. The ministry said that this plan will aid Kenya in its goal to achieve 100 percent clean energy in the power system by 2030 and position it on the path to achieving Net Zero by 2050.

Keith Hansen, the World Bank's country director for Kenya, said that Kenya is a frontrunner in the transition to 100 percent clean energy by 2030, ensuring universal access to electricity 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."