Kenya is among the first countries that will receive funding from Nature, People and Climate Investment programme (NPC), a newly launched initiative by Climate Investment Fund (CIF).
The announcement was made by CIF CEO Mafalda Duarte at the ongoing COP27 in Sharm el-Sheikh in Egypt where she congratulated the first group of countries that will be collectively receiving more than US$350 million (about Sh42.6 billion) fundraised by Italy, the United Kingdom and Sweden.
Other benefitting countries are Dominican Republic, Egypt, Fiji, Zambia, Malawi, Mozambique, Namibia and Tanzania.
“Fifty-five countries applied to be part of the programme over the past few months, which is one-third of all developing countries showing the urgent need for climate finance,” Ms Duarte said.
The programme will focus on promoting and protecting natural environments integral to climate action, sustainable agriculture and food supply, healthy forests, resilient coastal systems and empowering indigenous people and local communities.
This includes supporting the first group of participating countries after they present their investment plans, to meet some of their most pressing climate challenges.
The CIF governing board made the final decision announced at COP27 following a comprehensive process, informed by independent experts.
The next step is for selected countries to prepare investment plans in collaboration with partner multilateral development banks.
NPC investment in Kenya is intended to support sustainable forest management and water tower protection and restoration, notably in Mt Elgon and Cherangany areas.
Kenya pledged to CIF to harness the power of nature to build the resilience of local communities such as the Rendile, Turkana, Samburu and Borana peoples, who are being severely impacted by climate change.
This story was produced with the support of Climate Tracker.