The U.S. and MOGO Kenya, an asset financier, have entered into a significant partnership to accelerate electric mobility in Kenya. U.S. Ambassador to Kenya, Meg Whitman, commended Kenya’s advancements in decarbonizing its transport sector during her visit to Mogo’s electric vehicle (EV) showroom in Nairobi. This collaboration is part of a broader $30 million financing initiative from the U.S. International Development Finance Corporation (DFC), aimed at boosting the adoption of zero-emission vehicles.
Mogo, which has already invested Sh3 billion into expanding its EV financing portfolio, focuses on e-bikes and three-wheelers. This investment not only supports green mobility initiatives but also aligns with Kenya’s climate action strategies, including the National Climate Change Action Plan (NCCAP) and the Long-Term Low Emission Development Strategy (LT-LEDS). By providing affordable financing options, Mogo contributes to reducing greenhouse gas emissions and modernizing Kenya’s transport system.
Ambassador Whitman highlighted that electric vehicles and motorcycles offer multiple benefits, including job creation and reduced dependence on fossil fuels. Electric motorcycles, in particular, have proven economically advantageous for boda boda riders, who earn more daily compared to those using traditional fuel-powered bikes. This is attributed to lower fuel and maintenance costs combined with lower interest rates.
The Kenyan government’s goal is to have at least 5 percent of all registered vehicles be electric by 2025, with a focus on acquiring 200,000 electric motorcycles by the end of 2024. This initiative reflects a commitment to reducing emissions and supporting Kenya’s growing micro, small, and medium-sized enterprises (MSMEs). The transition to electric mobility is expected to significantly impact Kenya’s climate goals and offer substantial economic benefits.
#ElectricMobility #GreenTransport #ClimateAction #Kenya #SustainableDevelopment #EVMobility
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3moFantastic news! 🎉 Congratulations on launching the first mass e3W charging network in Mombasa and Ukunda! This is a significant step toward a cleaner and more sustainable future for transportation in the region. 🌱⚡ I’m excited to see your commitment to expanding the network to over 100 chargers by next year! What strategies do you have in place to encourage riders to make the switch to electric? And how do you envision this network impacting local businesses and the community at large?