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The European Investment Bank (EIB) will strengthen support for green hydrogen projects in Kenya as part of the African nation’s energy roadmap 2040, the multilateral bank and global financier of renewable energy said in a statement.
A joint declaration on renewable clean hydrogen was signed following discussions on green hydrogen investment with Kenya’s President William Ruto.
“Kenya has some of the best renewable energy sources in the world if the storage components were equally developed. The route to storage has the potential to develop green hydrogen to deliver sustainable, green and inclusive growth,” said Kenya’s Cabinet Secretary, National Treasury and Economic Planning Njuguna Ndung’u.
“Together, we will develop projects that will develop green hydrogen as part of the Kenya Energy Roadmap 2040,” he added.
Kenya’s wind and solar power can be harnessed to produce green hydrogen and provide affordable power for economic development and industrial growth, said Ministry of Energy Cabinet Secretary Davis Chirchir.
The development of green hydrogen in Kenya has the potential to enable 100 percent of Kenya’s energy needs to be supplied by clean power, he added.
EIB will improve cooperation to develop public and private sector investment that uses wind, solar and geothermal resources to produce green hydrogen, combat climate change, and support economic development in Kenya, stated EIB Vice President Thomas Ostros.
Moreover, EIB energy and finance experts will work closely with Kenyan partners to identify and develop new renewable energy projects and unlock construction of hydrogen production infrastructure.
The EIB expects to initially mobilise €1.8 million ($1.91 million) of grants from the European Union and to appraise possible loan financing for larger green hydrogen-related investments.
Over the last decade, the EIB has provided more than €5.3 billion for energy investment across Africa, including €418 million for geothermal, wind and solar investment as well as grid investment in Kenya.
(Writing by P Deol; Editing by Anoop Menon)
