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The European Investment Bank (EIB), the world’s largest multilateral bank and leading global financier of renewable energy, has announced that it will strengthen support for green hydrogen investment in Kenya.

Thomas Östros, EIB Vice President and Njuguna Ndung’u, Cabinet Secretary, National Treasury and Economic Planning of Kenya signed the Joint Declaration on Renewable Clean Hydrogen followings discussions on green hydrogen investment with William Ruto, President of Kenya.

“Kenya has some of the best renewable energy sources in the world if the storage components were equally developed,” said Professor Ndung’u.

He said the agreement builds on decades of close cooperation with the EIB by Kenya with the aim of supporting renewable energy across the country, adding that the partnership will help to develop green hydrogen as part of the Kenya Energy Roadmap 2040.

The EIB said it is ready to enhance cooperation to develop public and private sector investment that uses wind, solar, and geothermal resources to produce green hydrogen, combat climate change, and support economic development in Kenya.