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Kenya bags US backing to support uptake of electric mobility in the country

Kenya secures US backing for affordable e-mobility programs

Kenya secures US backing for affordable e-mobility programs

NAIROBI, Kenya, Aug 15 - U.S. and Mogo, an asset financier, have agreed to support the uptake of electric mobility in the country. U.S. Ambassador to Kenya breaking news | Kenya news today |

https://www.capitalfm.co.ke/business/2024/08/kenya-secures-us-backing-for-affordable-e-mobility-programs/?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=kenya-secures-us-backing-for-affordable-e-mobility-programs



U.S. and Mogo, an asset financier, have agreed to support the uptake of electric mobility in the country.
U.S. Ambassador to Kenya Meg Whitman, who visited Mogo’s electric vehicle (EV) showroom in Nairobi yesterday, praised Kenya’s progress in decarbonising its transport sector.
Mogo is one of three e-mobility companies in Kenya that have collectively received about Sh3.9 billion, or $30 million, in financing from the U.S. International Development Finance Corporation (DFC).
Already, it has invested Sh3 billion of this funding into expanding its EV financing portfolio, supporting Kenya’s green mobility initiatives by providing zero-emission vehicle financing to individuals and businesses in the transportation sector.
Currently, Mogo’s financing is concentrated on e-bikes and three-wheelers.
“Investing in electric vehicles and motorcycles benefits Kenya in multiple ways,” said Ambassador Whitman.
"These investments create high-quality jobs for Kenyans in a growing industry, and they are part of an overall strategy to reduce dependence on fossil fuels, modernize the country’s extensive transport system especially in urban areas, and address growing climate crisis concerns.”
Statistics show that boda boda riders earn an extra Sh300 daily through electric motorcycles compared to those using fossil fuels, attributed to cost savings on fuel and maintenance combined with lower interest rates offered by the company.
Most popular electric bodas use a battery-swapping model, allowing for quick exchanges of empty batteries for fully charged ones within minutes.
“By investing in e-mobility, we aim to not only expand access to economically empower Kenya’s fast growing MSME sector but also mitigate the impacts of global warming by reducing greenhouse gas emissions,” said Tomas Sudnius, CEO Mogo Africa & Asia.
The transportation sector, primarily driven by fossil fuels, contributes significantly to the country’s emissions.
Electric mobility aligns with Kenya’s National Climate Change Action Plan (NCCAP) 2023-2027, Long-Term Low Emission Development Strategy (LT-LEDS) 2022-2050, and Nationally Determined Contribution (NDC) to reduce greenhouse gas emissions by 32 percent by 2030.The NCCAP identifies the uptake of EVs as a key climate action in the transport and energy sectors.
The Kenyan government envisions that by 2025, at least 5 percent of all registered vehicles in Kenya will be electric. According to government statistics, Kenya’s grid capacity is sufficient to support e-mobility.The Kenyan government has pledged to support the acquisition of electric motorcycles, aiming for 200,000 units by the end of 2024.
Over the past five years, Mogo has lent Sh20 billion for boda boda and motor vehicle loans, providing affordable financial products to more than 120,000 Kenyans.
The United Nations Environment Programme estimates that a global transition to electric motorcycles could prevent 11 billion tonnes of carbon dioxide emissions by 2050, saving motorcycle owners a combined Sh5 trillion ($350 billion) due to lower fuel and maintenance costs.Chinese Smart-Meter Company Opens Manufacturing Plant In Kenya




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