Kenya Green Bond Programme

The Kenya Green Bond Programme (2017-2021) aimed to accelerate the use of green bonds to finance climate mitigation and adaptation in Kenya. The project successfully mobilised GBP 64.95 million in private finance, supported three green finance transactions (including Kenya's first green bond), established regulatory guidelines and tax incentives, and trained over 20,000 bank employees and 16 verifiers.

• The Kenya Green Bond Programme, running from 2017 to 2021, aimed to increase the use of green bonds to access domestic and international capital for green projects and assets in Kenya. The project focused on policy reform, engaging institutional investors, supporting potential issuers, developing licensed verifiers, creating cooperative mechanisms for smaller banks and corporates, and developing green Islamic finance products.
• The programme achieved several regulatory and capacity-building milestones, including the development of NSE Green Bond Listing Rules and Capital Market Authority (CMA) Guidelines, and the passage of tax incentives for green bonds by Kenya's parliament. Additionally, the Sustainable Finance Initiative (SFI) platform, designed by the Kenya Bankers Association (KBA), provided e-learning modules that trained over 20,000 bank employees in sustainable finance, risk management, and governance.
• The project mobilised GBP 64.95 million in private finance for climate change purposes through three supported transactions: two green bond issuances and one green Real Estate Investment Trust (REIT). This included the first green bond issued in Kenya, which was listed on the Nairobi Securities Exchange (NSE) and cross-listed on the London Stock Exchange. Other outputs included the training of 16 Kenyan verifiers, the training of 456 market actors via 12 investment forums, and the creation of an Africa Green Bond toolkit.

APA

FSD Africa (2022). Kenya Green Bond Programme. https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Kenya-Green-Bond-Programme-Reviewed-JG.pdf

Chicago

FSD Africa. Kenya Green Bond Programme. 2022. https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Kenya-Green-Bond-Programme-Reviewed-JG.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Kenya Green Bond Programme |date=October 2022 |url=https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Kenya-Green-Bond-Programme-Reviewed-JG.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2022kenya, author = {{FSD Africa}}, title = {{Kenya Green Bond Programme}}, institution = {FSD Africa}, year = {2022}, month = oct, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Kenya-Green-Bond-Programme-Reviewed-JG.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }