Kenya needs Sh79 trillion to achieve net zero carbon emissions by 2050 - DP Gachagua
By John Mbati |
Gachagua, while officially opening the International Energy Agency (IEA) conference at Safari Park Hotel, Nairobi, added that Kenya is leading the world in the march towards 100 per cent green clean energy.
Deputy President Rigathi Gachagua now says that Kenya needs over $600 billion in investment to achieve net zero carbon emissions.
Gachagua, while officially opening the International Energy Agency (IEA) conference at Safari Park Hotel, Nairobi, on Wednesday, added that Kenya is leading the world in the march towards 100 per cent green clean energy.
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"Renewable energy accounts for almost 90 per cent of our electricity generation and consumption. To achieve net zero carbon emissions by the target year 2050, Kenya requires over Sh79 trillion ($600 billion) in investment," he said.
"This calls for sustained joint rescue mobilisation, partnership, and investment from local and international actors, harnessing geothermal, wind, and solar energy as a bridge from fossil fuels to fully renewable, sustainable energy per the COP28 commitment on zero carbon emissions."
The DP also emphasised that blending efficiency and conservation of energy is central to delivering more goods and services with less power as we march towards a 100 per cent green and clean transition.
IEA's 9th annual global conference is an opportunity for the actors in the energy sector to have a conversation on driving investment in energy efficiency through identifying and making solid steps on policy, funding, and other key enablers towards proficiency, climate resilience, and adaptability.
Deputy President Rigathi Gachagua during the 9th Annual Global International Conference on Energy Efficiency at Safari Park Hotel, Nairobi on May 22, 2024. (Photo: DPCS)
It also brings together global leaders to collaborate and support the shared objective of doubling efficiency progress by 2030, as adopted at COP28 in Dubai.
The conference started on Tuesday, May 21, and will end on Wednesday, May 22.
Tax exemption
Meanwhile, President William Ruto announced a tax exemption for the first 100,000 electric cars assembled in Kenya.
Ruto, while speaking to the Fortune 500 Companies Chief Executive Officers in Atlanta, Georgia, in the US, said that the exemption is in line with Kenya's objective to phase out cars driven by fuel consumption.
According to the president, all EV cars will be given a green number plate for identification as the country transitions to electric-powered vehicles.
The tax exemption, he added, will be featured in the coming financial year, starting in July this year.
"In this year's budget, we will eliminate all taxes for the first 100,000 electric cars.
"We are enhancing our technology exo-system to attract big tech companies and start-ups, positioning Kenya as the premier destination on our continent," Ruto stated.
Starting July 1, EV motorists will not pay a 10 per cent import duty on completely knocked-down electric vehicles, a 25 per cent import duty on lithium-ion batteries, and a 25 per cent import duty on EV charging infrastructure.
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