The European Investment Bank (EIB) will provide 1.8 million euros (Sh244.2 million) to the Kenyan government for onward lending to green hydrogen investors in the country.
The revelation was made when Treasury Cabinet Secretary Prof Njuguna Ndung’u and EIB Vice President Thomas Östros signed a joint declaration on renewable hydrogen.
The bank earlier held discussions on green hydrogen with 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 Prof Ndung’u.
Energy Cabinet Secretary Davis Chirchir noted that Kenya’s huge potential in wind and solar power, which largely remains unexploited, can be harnessed to produce green hydrogen which would in turn provide affordable power for the country’s industrial growth.
“Development of green hydrogen in Kenya has the potential to enable 100 percent of Kenya’s energy needs to be supplied by clean power,” said Chirchir.
