European Funding Financial institution Vice President Thomas Östros. FILE PHOTO | DIANA NGILA | NMG

The European Funding Financial institution (EIB) will present 1.8 million euros (Sh244.2 million) to the Kenyan authorities for onward lending to inexperienced hydrogen buyers within the nation.

The revelation was made when Treasury Cupboard Secretary Prof Njuguna Ndung’u and EIB Vice President Thomas Östros signed a joint declaration on renewable hydrogen.

The financial institution earlier held discussions on inexperienced hydrogen with President William Ruto.

“Kenya has a few of the finest renewable vitality sources on the earth if the storage elements have been equally developed. The path to storage has the potential to develop inexperienced hydrogen to ship sustainable, inexperienced and inclusive progress,” mentioned Prof Ndung’u.

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Power Cupboard Secretary Davis Chirchir famous that Kenya’s big potential in wind and solar energy, which largely stays unexploited, may be harnessed to provide inexperienced hydrogen which might in flip present reasonably priced energy for the nation’s industrial progress.

“Improvement of inexperienced hydrogen in Kenya has the potential to allow one hundred pc of Kenya’s vitality must be equipped by clear energy,” mentioned Chirchir.

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Östros mentioned the European group will work to reinforce wind, photo voltaic and geothermal-driven improvement in each the private and non-private sectors.

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