Business & Financial News

Experts call for tax breaks to boost uptake of green projects

Get real time updates directly on you device, subscribe now.


Experts have urged Kenyan relevant bodies to consider extending tax incentives to businesses (SMEs) making the transition to clean energy.

This comes even as Kenya eyes 100pc shift to clean energy in the next five years, and a United Nations (UN) – led body says the private sector can help accelerate that target if Kenya is to quickly lower reliance on fossil fuels.

“To create vibrant markets for energy efficient lighting and appliances, consumer choice, policies, and regulations, as well as private sector engagement are some of the key factors that require addressing.

Conversations like tax incentives can go a long way,” offered Kawira Bucyana – the United Nations Industrial Development Organization (UNIDO) Country representative during the Energy Efficient Lighting and Appliances (EELA) forum held this week in Nairobi.

Adding that such priorities can accelerate the country’s evolution to a green and net-zero future which the current administration hopes to achieve two years earlier than the original 2030 timeline.

But consumer discontent resulting from the ever-rising power bills, frequent blackouts as well as bureaucratic controls, have continued to hamper the sector’s growth potential with the latter prohibiting local investments in areas like solar energy.

Private solar companies, for instance, have cited among other reasons, the need to cut costs and meet internal green goals for putting up small-scale plants that are powered mostly by renewable energy sources.

Alex Wachira – the Principal Secretary (PS) in the State Department in the ministry of energy in a speech by Wycliffe Ogolla – the ministry Secretary Administration, noted that the ministry would fully implement the Kenya National Energy Efficiency and Conservation Strategy (NEECS), aimed at addressing the aforementioned challenges in meeting the energy efficiency goals as well as reduce the demand for fossil fuels and related greenhouse gas emissions.

Get real time updates directly on you device, subscribe now.

Financial Fortune Media
Social Media Auto Publish Powered By :