Nairobi, Kenya – In a recent report, the World Bank has issued a stark warning to Kenya, stating that the country could face a substantial economic setback if it does not take decisive action to combat and adapt to the challenges posed by climate change. The report, titled “Kenya Country Climate and Development Report,” highlights the urgent need for Kenya to address the adverse impacts of climate change and outlines potential consequences.
According to the World Bank’s findings, if Kenya fails to act effectively against climate change, the nation could witness a significant decline in real GDP, ranging from 3.61% to a staggering 7.25% by the year 2050. These adverse effects primarily stem from prolonged droughts and other climate-related issues that have plagued Kenya in recent years.
However, there is a glimmer of hope outlined in the report, suggesting that Kenya could mitigate these dire consequences through a combination of factors. The impact of climate change on the economy could be less severe if the country achieves an annual GDP growth rate of 7.5%, in line with the government’s target. In such a scenario, the damage to economic output would decrease to a range of 2.78% to 5.3%, providing a crucial incentive for robust economic growth.
To counteract the detrimental effects of climate change, the report emphasizes the necessity for increased investments in various sectors, including water resources management, agriculture, energy, transportation, and digital infrastructure. These investments are seen as key to reducing vulnerability to climate change impacts and building resilience.
Kenya’s favorable position as a nation generating approximately 90% of its electricity from renewable sources, such as hydro-generation and geothermal wells, offers an opportunity for the country to lead in global efforts to reduce emissions. The report highlights Kenya’s potential to create green jobs and leverage the global trend toward decarbonization.
Furthermore, the report suggests that while the transition to a carbon-free electricity energy system by 2030 will require substantial investments, estimated at up to $2.7 billion, the long-term benefits, including reduced fossil fuel costs, make it a cost-effective endeavor.
In conclusion, the World Bank urges the Kenyan government to expand the scope of climate financing projects and make them nationally and financially viable. The report emphasizes the need for balanced investments across various sectors, as currently, climate finance predominantly targets the renewable energy sector, leaving others, including agriculture, forestry, land use, and water management, underfunded.
As Kenya grapples with the challenges of climate change, it has the potential to chart a sustainable and resilient path for its future, leading the way in addressing global environmental concerns.
Source: Reuters
