The European Investment Bank (EIB) and Kenya signed a new agreement to develop more green hydrogen projects in the country. The multilateral bank will help in developing public and private sector investment in the green hydrogen sector as part of the Kenya Energy Roadmap 2040.
EIB’s Vice President Thomas Östros and Njuguna Ndung’u, the Cabinet Secretary, National Treasury and Economic Planning signed the agreement on ‘Renewable Clean Hydrogen’. The joint declaration was signed following discussions on green hydrogen investment with President William Ruto.
Davis Chirchir, Cabinet Secretary in the Ministry of Energy, said green hydrogen can provide affordable power which is essential for the country’s economic development and industrial growth. The joint declaration between Kenya and the EIB will give a better picture of the structure and implementation of green hydrogen projects.
The EIB expects to mobilize €1.8 million of grants from the funds of the European Union (EU) for the initial phase of the initiative. The multilateral bank will appraise possible loan financing for larger investments in green hydrogen.
According to Thomas Östros, the EIB stands ready to enhance cooperation to develop sector investment that uses wind, solar and geothermal resources to produce green hydrogen. The EIB headquarters and its experts at EIB Regional Hub in Nairobi will work closely with Kenyan partners to identify new renewable energy projects and unlock the construction of hydrogen production facilities.
Henriette Geiger, EU Ambassador to Kenya, said the organization and Kenya are committed to increasing the use of renewable energy and tackling climate change. The agreement between the EIB, the EU Bank, and Kenya will accelerate investment in green hydrogen and deliver affordable and sustainable energy.
