The European Investment Bank (EIB) has announced that it will be taking steps to support green hydrogen investment in Kenya. This follows the Bank’s long-standing commitment to promoting renewable energy projects across Africa. The EIB aims to increase its backing of green hydrogen technology through financial resources, technical expertise and public policy advice.
The European Investment Bank, in partnership with the Kenyan government, is now embarking on a mission to build the infrastructure needed to support the development of green hydrogen. With support from the EIB’s Renewable Energy Financing Facility and other targeted investments, we can move Kenya closer to its goal of achieving renewable energy sources for all.
The joint agreement between the EIB and Kenya will also focus on developing green hydrogen technology. Green hydrogen is a promising fuel source that has the potential to revolutionize how energy is produced and consumed in Kenya, creating new opportunities for sustainable, clean and inclusive growth. The proposed projects under this initiative are expected to stimulate further investments in green hydrogen technology from the public and private sectors.
Green hydrogen development in Kenya presents an unprecedented opportunity to reduce emissions, spur economic growth and create jobs. The Joint Declaration between Kenya and the European Investment Bank will foster collaboration on building renewable energy capacity to generate green hydrogen. This new power source can be used for industrial production, transportation, and other domestic applications, including cooking and lighting homes.
The new agreement will help to create a better environment for green hydrogen initiatives in Kenya. In addition, this agreement aims to increase the viability and accessibility of green hydrogen production, paving the way for greater sustainability and environmental protection in the country.
resource: https://esgnews.com/european-investment-bank-and-kenya-strengthen-green-hydrogen-cooperation/