In an effort to combat the effects of climate change on the country’s economy, the Ministry of Environment, Climate Change, and Forestry is seeking approximately $4 billion annually for climate change adaptation and an additional UD$1.4 billion for mitigation until 2030.

Speaking during the second Climate Change Global Business Summit held in Nairobi, Cabinet Secretary Aden Duale revealed that the total cost of implementing plans for climate change mitigation and adaptation stands at an estimated $ 62 billion. However, the country can only mobilize $8.2 billion domestically which is only a part of the equation.

He is now calling on international partners to collaborate with Kenya to raise the remaining $54 billion.

According to the CS, these collaborations will be crucial in implementing the National Climate Change Action Plan (NCCAP 2023-2027), and the Nationally Determined Contribution (NDC) frameworks that guide Kenya’s response to climate change.

“This support is crucial to enable us to fully implement our plans for both adaptation and mitigation,” said Duale.

He further stressed that the country’s mitigation actions require approximately $17.7 billion and another $44 billion for adaptation efforts.

“This funding is essential to address the impacts of climate change and to build a resilient, sustainable future for all Kenyans,” he added.

The CS further pointed out that during the recent drought crisis that plagued the country, Kenya mobilized over $70 billion in drought response interventions.

He noted that the government contributed $22 billion while non-state actors brought in additional $48 billion, stressing on the power of partnership in tackling climate challenges.

Nhlanhla Nene, Chairperson of the European House Ambrosetti Africa stressed on the importance of tackling topical issues affecting countries’ economies and geopolitical matters.

“Kenya is also a leader in the space of climate change which is our 13th Sustainable Development Goal which looks at combating this in a number of ways, mainly in terms of mitigation and adaptation. In doing that, the area of investment, reducing carbon emissions, and combating climate change is an investment asset class,” Nene pointed out.

He noted that since the 1st global summit which was also held in Nairobi, there has been progress that has seen collaborations and contributions towards reducing and eliminating carbon in the African continent.

“All of those are beginning to gain a lot of traction with regards to a number of investments that are coming through, but also not only the multilateral institutions, but also some of the business and corporates that are beginning to fund,” added Nene.

As over 150 world leaders and economists convene in Nairobi to assure their commitment to tackling Afri9ca’s climate change challenges amid political shifts, Kenya finds itself at a very critical point where climate change has proved disastrous not only for the environment, but also the economy at large.

Climate hazards like frequent and extreme weather events including prolonged drought and severe flooding have proved devastating to local communities, reversing the country’s economic gains.

Kenya’s total climate and nature public expenditure currently stands at around $1.53 billion per year. Additionally, recent estimates indicate that the country has achieved one-third of the total finance required for investments related to climate change adaptation.

“We need the support of international organizations, development partners, and the private sector. Together, we can accelerate the pace of climate action and ensure that Kenya’s climate journey remains on track,” said Duale.