"Kenya to consider sovereign green bonds to fund climate projects"

" Kenya to consider sovereign green bonds to fund climate projects \r\n\r\nKenya is weighing selling sovereign green bonds and debt-for-nature swap deals to fund climate projects, President William Ruto said.\r\n\r\nSelling a green bond \u201cis the next thing on the horizon,\u201d Ruto said Saturday in an interview on the sidelines of COP 28 in Dubai. He didn\u2019t provide further details or a timeline.\r\n\r\nThe government also plans to scale up renewable-energy projects. The East African nation is planting 15 billion trees and restoring 10,000 wetlands, he said.\r\n\r\n\u201cWe are not only supplying energy to our citizens, but using green energy to power our industrialization,\u201d Ruto said in the interview with Bloomberg TV. \u201cWe have huge opportunities in ammonia, fertilizer. We have opportunities in green steel, in many of the other minerals available in Kenya.\u201d\r\n\r\nUnless Kenya takes action to mitigate the impact of climate change, extreme weather conditions will slash Kenya\u2019s economic output, set back attempts to reduce poverty and exacerbate inequality, according to the World Bank. Under a so-called business-as-usual scenario, gross domestic product by 2050 may drop by as much as 7.3%, compared with the baseline, according to the lender\u2019s Kenya Country Climate and Development Report.\r\n\r\n\u201cWe must consistently make the decisions that will pull us out of these difficult situations,\u201d Ruto said. \u201cSome of the decisions may not be popular, some of the decisions may be difficult, but if they are the right decisions, finally, they will pull us out.\u201d\r\n\r\nKenya plans to enhance renewable energy generation to 100 gigawatts from the current 3 gigawatts to power the green industrial economy, including manufacturing of ammonia and steel, Ruto said. About 92% of Kenya\u2019s energy generation is renewable \u2014 mainly geothermal, hydro and wind."

"Kenya to consider sovereign green bonds to fund climate projects"

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