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{
    "id": 894408,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/894408/?format=api",
    "text_counter": 83,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Hon. Speakers, we are a country blessed with natural resources which, if properly managed, will transform, in a big way, our nation and the welfare of our people. However, we must appreciate that these resources are finite. In that context, it must be our solemn duty as the State to manage these resources sustainably for the fair and equitable benefit of both present and future generations. Mindful of this duty, my administration has developed and will be presenting before this Session of Parliament the Sovereign Wealth Fund Bill. The Bill proposes creation of a Fund and provides a legal framework to guide investment of revenues from oil, gas minerals and other qualifying natural resources. The Fund, as proposed in this Bill, comprises of three parts, notably, (i) a Stabilization Fund, (ii) Infrastructure Development Fund and (iii) a Future Generation Fund. It is important to underscore that other than the cost of services of those entrusted to manage the Fund, all monies in the Fund will be used to finance critical national development programmes in order to ensure sustainability. Hon. Speakers, sustainable development is a constitutional imperative and one of the national values. Sustainable development remains a core consideration within my Government, guiding the outlook and implementation of our policy programmes and projects across the board. As the host nation of the United Nations Environmental Programme (UNEP), Kenya remains a global leader in environmental conservation and sustainable development. My administration has spearheaded the implementation of various environmental initiatives including interventions for the sustainable exploitation of the blue economy, sustained the ban on environmentally harmful classes of plastics and polythene carrying and packaging materials, enhanced the protection and promotion of our national forests in line with our commitment to achieve a minimum of 10 per cent forest cover by the year 2020, and interventions with regard to water and air quality. These interventions not only protect the environment but also create business and employment opportunities through the green economy. Indeed, as a result of our interventions, Kenya is today a global leader in green energy with 85 per cent of our energy mix coming from renewable sources."
}