Kenya Launches World’s First Climate Innovation Center
In September, 2012, Kenya launched the world’s first Climate Innovation Center (CIC), established in Nairobi in partnership with the World Bank Group’s infoDev Programme. The launch was attended by representatives of the Kenya government, private sector leaders, and development agencies. It aims to help companies working with climate related technologies to turn ideas into viable business solutions.
Financially backed by the Danish and British governments, Kenya’s new business hub for African climate technology entrepreneurs was launched to boost locally sourced green technologies in Africa, and is hosted by the Strathmore Business School in collaboration with Global Village Energy Partnership International (GVEP), PricewaterhouseCoopers (PwC), and the Kenya Industrial Research and Development Institute (KIRDI). The first of its kind in the world, it is expected to support up to 70 sustainable climate technology ventures in the first five years, and to generate 4,600 direct jobs and over 24,000 total jobs within ten years.
Meanwhile, Johannes Zutt, World Bank Country Director for Kenya, believes the CIC will help Kenya promote green growth which will protect the environment, create jobs, and increase regional climate resilience. Other centers are planned for Ethiopia, South Africa, India, Vietnam, and the Caribbean.
Companies supported by CIC will have access to funding, business advice, market research, and facilities for design and development of products. The aim is to give small businesses the opportunity to make themselves more attractive for large-scale investors.
CIC also plans to fill the global capital funding gap with grants of up to $50,000 for idea development, and investment financing of up to $1 million for business expansion. To read more click here