London based Audit firm Ernst and Young (EY) have reported that Kenya is one of the fastest growing renewable energy market in the world. According to Business Daily Africa, EY’s Renewable Energy Country Attractiveness Index (RECAI), Kenya was placed in a category described as ‘markets which show no signs of slowing down and continue to offer far-reaching energy investment opportunities’. The Rising Star category also featured countries like Morocco, South Africa and Egypt as well as the United States of America and the Philippines.
The report which was released in February 2016 focuses on the renewable energy market as a way of tackling global warming and several other challenges the planet faces.
Amidst unrest and economic downturn in some countries on the African continent, Kenya is indeed a rising star as its economy and even personal wealth of its citizens are experiencing a much better fate compared to other countries around it.
According to Knight Frank’s annual Wealth Report 2016, the number of dollar millionaires in the country rose to 8,962 up from 8,760, which is a difference of 202 millionaires. While that is a milestone in personal wealth development, many Kenyan citizens are still yet to feel safe in their country amidst terrorism acts perpetrated by al-shabaab.
However, Kenya’s advancement in EY’s report is an indication of the fact that the country is committed to balancing energy’s security, affordability and environmental sustainability. Nigeria, Algeria and Ethiopia were featured in the ‘Markets to Watch’ category. This category is described as ‘Relatively immature markets but with the potential to be major growth markets based on sheer scale or energy imperative’. While Ghana and sub-Saharan Africa fall under the ‘Opportunistic’ category, which is described as ‘Attractive ad-hoc projects or investments given either limited absolute market size or relatively immature market to date’.