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In Dadaab, refugees are learning skills like sewing and seeking loans to start businesses, with some, like Abdullahi Esmail, successfully supporting their families. However, many remain dependent on humanitarian aid due to restrictive policies and economic challenges, raising concerns about their future prospects. The Shirika plan aims to improve conditions but faces skepticism regarding its true intentions and effectiveness.
Uncertainty in assessing adaptation measures and their funding risks deters private investment, despite a growing recognition of the private sector's role in climate resilience. Blended finance mechanisms, like those used by Kenya's Apollo Agriculture, show promise in mobilizing funds, while recent analyses suggest private adaptation investments may be significantly underestimated. Efforts to improve tracking and reporting could encourage more businesses to engage in adaptation initiatives, addressing the urgent need for climate resilience in developing countries.
Kenya’s Supreme Court upheld key tax measures from the 2023 budget, providing relief to President William Ruto’s administration amid financial challenges. The Finance Act 2023 included a rise in value-added tax on fuel to 16% and an increase in the top salary-tax band from 30% to 35%, aiming to generate 214 billion shillings ($1.66 billion) for the fiscal year ending in June.
Kenya Power and Lighting Co. reported a record profit, driven by a 21% appreciation of the local currency, which reduced its foreign debt burden. This resulted in unrealized foreign-exchange gains of 7.88 billion shillings ($61 million) for the year ending June 30, propelling the stock to a record high.
Meg Whitman, previously focused on her roles at eBay and HP, is now prioritizing Africa as the US ambassador to Kenya. She aims to shift the perception of the continent among American tech companies, which have historically overlooked it due to concerns over instability and infrastructure, in light of the growing tech rivalry with China.
Kenyan President William Ruto defended the government's decision to engage with Adani Group, following public protests over the lack of transparency in the deals. Recently, Kenya signed a $736 million agreement with Adani Energy Solutions Ltd. for power-transmission lines, amid backlash over plans to lease the country's largest airport to another Adani unit.
Kenyan Central Bank Governor Kamau Thugge affirmed that the shilling is currently at appropriate levels, following its impressive 21% gain against the US dollar this year, making it the top-performing global currency. The bank is ready to utilize record foreign reserves to defend the currency, which now trades at 129 per dollar.
Global growth in renewable energy projects in Africa remains stagnant, with only one project approved by the Green Climate Fund since 2021, despite significant health and environmental benefits. The chronic underfunding of the GCF, alongside persistent fossil fuel subsidies, hampers progress, while private sector solar developers face significant financial hurdles. As health impacts from climate change intensify, the need for urgent action and innovative research linking climate and health outcomes becomes increasingly critical.
A new initiative, the East African Programme on Oxygen Access (EAPOA), has been launched in Mombasa, Kenya, to enhance medical oxygen supply in the region, supported by a $22 million investment from Unitaid. The program aims to triple production capacity, reduce oxygen prices by up to 27%, and save 154,000 lives over the next decade. Facilities in Mombasa, Nairobi, and Dar es Salaam will serve as key hubs for distributing liquid medical oxygen to underserved communities across East and Southern Africa.
Golomoti Solar's 10MWh battery storage facility in Malawi marks a significant step in stabilizing Africa's energy grid, reducing reliance on diesel and hydro power. With advancements in battery technology making solutions more affordable, countries like Egypt, Ghana, and Nigeria are joining efforts to deploy 5GW of energy storage by 2027, aiming to enhance energy access and stimulate local economies. The Emerging Africa Infrastructure Fund's investments are crucial in addressing the continent's energy storage challenges and unlocking its renewable potential.
KEN
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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