The UK announces at COP27 an additional £65.5 million for the Clean Energy Innovation Facility.
An ambitious cooperation
The UK announces that the government’s Department for Business, Energy and Industrial Strategy will lead the fund. It provides grants to researchers and scientists in developing countries. The objective is to accelerate the development and deployment of clean technologies.
UK and Kenya to partner on clean energy initiatives. A $3 billion public-private partnership will be developed. His ambition will be to invest in the 1GW Grand High Falls hydroelectric dam.
Multiple projects
The two partners will develop a $60 million investment to double the size of the Malindi solar plant. In addition, the 40MW solar power plant in Kenya will house battery storage. In addition, a 35MW geothermal power plant will benefit from an investment of $100 million.
The East Africa Credit Enhancement Company will receive $15 million in seed funding from the UK government. In addition, local investors will also participate. The goal is to mobilize $100 million in private sector funding for infrastructure projects over three years.
A growing budget
The UK says it wants to triple climate adaptation funding. This is an announcement made at COP27 in Egypt. Thus, funding is expected to reach £1.5 billion by 2025.
This compares to £500 million in funding in 2019. The grant is part of the UK budget. Indeed, it represents a total of £11.9 billion dedicated to international climate finance.
