President Ruto announces that Kenya has slowed down any investment in oil exploration

President William Ruto has put the brakes on Kenya’s quest to join the list of countries that export oil.

President Ruto was speaking during an interview on CNN during the recent climate action conference (COP28) in Dubai.

He said Kenya was moving towards sustainability and becoming a powerhouse in renewable energy.

“This is not something that's going to happen overnight. For Kenya, our target is to have all renewable energy by 2030.

“We have slowed down any investment in fossil fuel in Kenya. We don’t have any fossil fuel resources at the moment. All we have we have is the normal fuel that we import from everywhere else,” he said.

President William Ruto chairs a Cabinet meeting at State House in Nairobi on November 27, 2023 President William Ruto chairs a Cabinet meeting at State House in Nairobi on November 27, 2023 Pulse Live Kenya

President Ruto affirmed that the government was investing heavily in e-mobility and reducing dependence on fossil fuels.

Cabinet to decide on oil exploration

Kenya is set to decide on the fate of the Turkana oil project, with the government reviewing Tullow Oil's Field Development Plan (FDP).

The FDP outlines the oilfield development, production forecasts, and infrastructure plans. If approved, the project could proceed, but economic viability is crucial.

During the CNN interview, President Ruto also welcomed the decision to create a ‘loss and damage’ fund to compensate struggling countries for the effects of climate change.

In the agreement, wealthy states and major polluters will put millions of dollars towards a fund that will in turn distribute funds to the counties harmed by climate change.

The fund will be administered by the World Bank and has already received pledges of US$430 million.

Kenya launches green industrialization plan

Kenya has also launched a plan that seeks to accelerate economic green growth in Africa.

The Africa Green Industrialization initiative is expected to scale up green industries across the continent.

It will also promote climate mitigation and adaptation.

“It marks a huge stride towards the realisation of the Nairobi Declaration,” said President William Ruto.

President William Ruto with other leaders during the launch of the Africa Green Industrialization plan in Dubai President William Ruto with other leaders during the launch of the Africa Green Industrialization plan in Dubai Pulse Live Kenya

He noted that the landmark step will further activate the private sector-led scaling-up of green industrial clusters in the region.

President Ruto made the remarks during the Initiative’s launch in Dubai on the sidelines of the 2023 United Nations Climate Change Conference (Cop28).