Country Focus Report 2023 - Kenya - Mobilizing Private Sector Financing for Climate and Green Growth

African Development Bank (AfDB)

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Abstract: To meet the Nationally Determined Contribution (NDC), Kenya needs $6.2 billion annually over the period 2020-2030. This Country Focused Report (CFR), in line with the theme of AEO 2023 i.e., “Mobilizing Private Sector Financing for Climate and Green Growth in Africa”, analyses the role that the private sector can play in mobilizing climate finance in Kenya to meet NDC targets. The report is structured as follows. Section 2 presents Kenya’s recent macroeconomic performance and outlook. Section 3 discusses the state and opportunities for leveraging private sector financing for climate action and green growth in Kenya. Section 4 explores possible options to harness natural capital in the mobilization of climate finance and promotion of green growth in Kenya. Section 5 concludes and draws policy recommendations targeting Kenyan authorities, donors, domestic and international private investors, and governments of developed country partnering with Kenya, with a view to scaling up private sector resources and harnessing natural capital for financing climate action and green growth in Kenya.