The World Bank will provide seed financing to a climate innovation center in Kenya, set out to be a cutting edge facility to promote innovation in climate mitigation and adaptation solutions in Africa, through support to local entrepreneurs and locally-developed technologies.
26 September 2012: The World Bank will provide US$15 million over the next five years to the Kenya Climate Innovation Center (CIC). The Kenya CIC is expected to support approximately 70 sustainable climate technology business enterprises within its first five years and is projected to create over 24,000 jobs over ten years.
Through offering financial and other services to climate entrepreneurs, the climate innovation center will facilitate Kenya in reaching several of its environmental goals, including the promotion of clean energy, locally-developed products like high efficiency stoves. These include reduced CO2 emissions, increased climate adaptation and resilience, and access to clean energy and water. In addition to environmental achievements, the center is also expected to promote economic and social objectives. [World Bank Press Release]