Injection of new investment from the World Bank to tackle the increased number of extreme weather events
Kenya has secured a huge injection of new investment from the World Bank to spend on reducing the impacts of climate change.
The World Bank approved the new grant last week which will be used to tackle the increased number of extreme weather events. The money also allows the government to access rapid funding in the event of a disaster or public health emergency.
The $200 million line of credit was released under the bank’s International Development Association, which provides grants and low, or zero-interest loans to boost economic growth in some of the world’s poorest countries.
An increase in droughts and flooding are estimated to cost the Kenyan economy over 2 percent of GDP each year, according to the World Bank. This is particularly damaging in a country which is heavily reliant on agriculture, and where 84 percent of the land is either arid or semi-arid.
“We are working closely with the National Treasury in supporting Kenya to address the economic losses triggered by climate-related disasters that often hamper poverty reduction efforts and threaten the numerous advances that Kenya has made in promoting shared prosperity,” said Diarietou Gaye, the World Bank’s Country Director for Kenya.
Many of Kenya’s poor population live in structures which are particularly vulnerable to extreme weather events. It’s anticipated that the World Bank’s funding will support reforms to strengthen its resilience to such risks, and reduce the burden of economic recovery.
Kenya has a target to reduce its greenhouse gas emissions by 30 percent by 2030, in line with its commitments under the Paris Agreement. Its most recent action plan on climate change, covering 2018 to 2022, identifies the rise in global temperatures as a major threat to poverty reduction and sustainable development.
Former Environment Secretary, Judy Wakhungu, commented last year: “The high dependence on climate sensitive natural resources for our livelihoods and economic sustenance will increase our vulnerability”.
Source: Climate Action Programme