Irena: Kenya To Host Apra Conference In September To Aid Africa's Green Finance

31 Days(s) Ago    👁 169
irena kenya to host apra conference in september to aid africas green finance

Kenya will host an Accelerated Partnership for Renewables in Africa (Apra) Investment Forum in Nairobi in September to foster a conducive policy environment for energy development and facilitate investment.

This was announced on Thursday at the14th Assembly of the International Renewable Energy Agency (IRENA) held in Abu Dhabi, United Arab Emirates.

Apra, which was founded at the Africa Climate Summit in September 2023 by Kenya, Ethiopia, Namibia, Rwanda, Sierra Leone and Zimbabwe, with support from Denmark, Germany, the UAE and IRENA, aims to accelerate energy transitions in respective countries.

Davis Chirchir, the cabinet secretary in charge of Energy and Petroleum in Kenya, spoke about why Apra was important to Africa and called it an agent of change.

This as all countries, including Apra, need to triple renewable capacity by 2030.

He said Kenya backed IRENAs action to triple renewable capacity by 2030.

With 93% of its grid already powered by renewables, Kenya aimed for its grid to be 100% powered by renewables in 2030, Chirchir said. It also aimed to achieve energy independence and propel its economy forward as a green industrialised powerhouse of the 21st century.

Yet despite its vast mineral resources and entrepreneurial energy potential, Africa faced challenges in accessing proper finances for essential services, unlocking economic opportunities, unlocking climate change intervention. The lack of appropriate finance mechanisms presented a barrier to realising Africas ambition.

Chirchir said: We recognise the need for a holistic approach that addresses both the climate and development priorities tailored to the unique needs of communities. Africa finds itself trapped in a vicious financial and investment circle. The scarcity of appropriate finances constrains our capacity to invest in basic infrastructure, social services and climate change initiatives. As a result this inflates risk premiums, tied to accessing financing. This leads to financial stagnation and progress in climate finance.

Kenyan President William Ruto advocates for climate finance that is equitable and equal, where he believes Africa is not left behind its counterparts across the globe. He backs Apra, which can drive change through international co-operation and robust action plans, Chirchir said.

Apra supports Africas energy journey and can help it scale.

This as Africa only gets about 2% of available global green finance currently.

The US, Denmark and Germany yesterday reiterated their support for Apra and said they would receive support at the investment table.

They said Apra would identify a dedicated pipeline of projects at affordable rates that would reduce the risk premiums in Africa.

The case for harnessing Africas potential was stronger than ever, said Denmark in its green transition, saying it was proud to be a founding partner.