On 8^th September 2023, KEPSA, FSD Africa and KCB Group under the auspices of the Africa Climate Week (ACW), organised the ACW side event themed, 'Advancing financial flows to spur green investments for resilience in Africa'. The session focused on the progress of greening the financial sector in Kenya; milestones realised in financing green investments and recommendations for addressing the challenges of tackling climate change through green investments.

In her opening remarks, Ms Judith Sidi - Head of Corporate and Regulatory Affairs at KCB Group noted the dynamic shift of the climate change outlook which shall focus more on changing the narrative from one of fear to opportunity. “As a bank, we have a green lending initiative to finance projects that are low carbon emitters. This is following our adoption of SDG 13 - Climate Action and signing of the Net Zero Banking Alliance (NZBA) Commitment,” she added.

In a panel discussion, Dr Habil Olaka – KEPSA Public Finance Sector Board representative and CEO of Kenya Bankers Association, highlighted the ongoing mission in the banking sector to transform green bonds into an equally attractive investment option as infrastructure bonds in Kenya. He added that this was one of the ways investors could actively contribute to climate resilience.

Dr Olufunso Somorin - Regional Climate Lead, African Development Bank Group emphasized the significance of repackaging Africa in negotiations going forward from a vulnerable party to an equal player in the climate change space. “There’s a need to develop strong and robust mechanisms from national to county governments level on climate finance tracking.”

Ms Tamara Cook – CEO, FSD Kenya, highlighted the interdependence of climate risks and investment opportunities within the framework of green bonds. FSD Kenya is collaborating with the National Treasury and Economic Planning in designing green county bonds. “Our current objective revolves around unravelling the methods to effectively manage this intricate relationship,” She remarked.

Mr Peter Odheng’o – Head of Climate Finance and Green Economy Unit at the National Treasury and Economic Planning remarked that using the one government whole society approach where no one is left behind, the government is using an all-inclusive approach in review of climate and green growth-related policies and legislations.