Kenyan President Uhuru Kenyatta has called for the establishment of a "green bank" outside of the World Bank and the International Monetary Fund (IMF). He argues that these institutions are not doing enough to support climate-friendly development in Africa.
Kenyatta said that a green bank would be able to provide more flexible and affordable financing for projects that promote renewable energy, energy efficiency, and sustainable agriculture. He also said that it would be more accountable to African governments and citizens.
The World Bank and the IMF have been criticized for their lending policies, which some say have led to debt crises in developing countries. They have also been accused of not doing enough to address climate change.
Kenyatta's call for a green bank is supported by some environmental groups, who say that it would be a more effective way to channel climate finance to Africa. However, others have argued that it would be difficult to establish such a bank and that it would be better to reform the World Bank and the IMF.