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Kenya moves to position 5 in global clean energy production ranking ▷ Kenya News

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– In 2018, the country was ranked at position 16 among countries that are keen at producing clean energy

– The remarkable move to top five globally has been attributed to heavy investments in solar, geothermal and wind power to the tune of KSh 140 billion

– Other countries that were listed as top investors and producers of clean energy are India, Chile, Brazil and China

A recently published report has ranked Kenya among countries making great strides in use, investment and production of clean energy in the world.

The Climatescope 2019 index report by Bloomberg listed Kenya at position five out of 104 countries that were examined during the review.

READ ALSO: KCB ranked as most attractive bank in Kenya

Kenya moves to position 5 in global clean energy production ranking

The remarkable move to top five was attributed to heavy investments in clean energy to the tune of KSh 140 billion. Photo: BloombergNEF.
Source: UGC

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Among clean energy sources that the country was hailed for are solar, wind and geothermal projects that have since 2018 gobbled up about KSh 140 billion in funding.

“Kenya appears for the first time in the Climatescope top five. The country is gradually increasing its share of non large hydro renewables by adding solar, wind and geothermal.

In 2018, Kenya recorded its highest ever clean energy investment withKSh 140 billion. Kenya also accounted for over a third of all 2018 foreign investment into sub-Saharan Africa,” the report read in part.

READ ALSO: Jowie atolewa gereza la Kamiti na kutupwa lile la Manyani

Kenya moves to position 5 in global clean energy production ranking

In 2018, the country was ranked at position 16 among countries that are keen at producing clean energy. Photo: BloombergNEF.
Source: UGC

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In 2018, Kenya clinched position 16; meaning the country has made remarkable investments in cementing its bid to produce clean energy thus propelling it to the fifth position.

According to the report, India emerged top, followed by Chile (2nd), Brazil (3rd) while China clinched the fourth position.

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READ ALSO: Mike Sonko: Kipchumba Murkomen, Mutula Kilonzo Junior among Nairobi governor’s lawyers

Kenya moves to position 5 in global clean energy production ranking

Some of the record breaking 352 turbines in Turkana county. Photo: UGC.
Source: UGC

In 2018, non-hydro renewables accounted for 38% of Kenya’s capacity and 49% of generation.

The survey notes that Kenya is in the process of shifting from feed-in tariffs to reverse auctions as its primary means for spurring new build.

In August 2018, the National Assembly approved draft legislation to make this change but final action is still required.

Kenya moves to position 5 in global clean energy production ranking

The Olkaria Geothermal plant in Nakuru county. Photo: Ketraco.
Source: UGC

Under the last set of feed in tariffs offered, the government received applications from over 4GW of clean energy projects.

The report comes after another that listed Kenya eighth globally in geothermal energy production after it clocked a power generation capacity of 763MW.

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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