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Germany will announce €450 million ($486 million) of climate finance pledges at the inaugural Africa climate summit including backing the construction of a fertilizer plant in Kenya using green hydrogen.
Europe’s largest economy will provide a €60 million loan for the Kenyan project in Olkaria, where geothermal energy could be used to split hydrogen from water molecules, providing fuel for the fertilizer plant. It will also cancel €60 million of debt owed to Kenya in exchange for the money being spent on renewable energy and climate-friendly agriculture, according to Barbel Kofler, state secretary to Germany’s economic cooperation minister.
“We see …
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