Smart insurance for sustainable investment

About GeoFutures

The GeoFutures Facility is an insurance-based risk finance fund that will crowd-in international and national private sector investment into the geothermal power sector in East Africa (the “GeoFutures Facility”), with an initial focus on Kenya and Ethiopia.

GeoFutures will facilitate a global step-change towards meeting the UN SDG 7 through the use of highly innovative insurance solutions, deploying private sector insurance underwriting capital, and de-risking sustainable investment opportunities.
GeoFutures will directly support the creation of 600 MW of low cost, clean, reliable geothermal power in Kenya and Ethiopia – supplying more than 31.5 million people with power and avoiding almost 3.1 million tonnes of CO2eq annually.

The GeoFutures Facility developed by Parhelion was awarded Scale Up funding by P4G in 2020 (Partnering for Green Growth and the Global Goals 2030).

About GreenInvest

GreenInvest is a grant funded initiative arising from Parhelion’s work to further develop innovative insurance products to facilitate the financing of climate sustainable enterprises. 

GreenInvest funding will be used to identify, develop and commercialise risk finance and insurance mechanisms that can support greater deployment of debt and equity into climate compatible investment opportunities.

Through the use of private sector re/insurance capital, GreenInvest delivers risk mitigation and insurance solutions to remove risk barriers and support sustainable development investment opportunities.

GreenInvest is also committed to ensuring knowledge transfer through the development of technical expertise in the Kenyan and Ethiopian insurance sector further supporting the domestic economy.

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Project Partners

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Parhelion Underwriting Ltd is an energy and climate risk finance company specialising in non-traditional risk & investment in clean energy and climate finance markets. Founded in London in 2006 by Julian Richardson, Parhelion has extensive experience in alternative Energy, carbon markets, energy policy matters, adaptation and land use risk issues.

Parhelion has been driving forward the development of geothermal risk mitigation measures for over 7 years, and has provided consulting advice to IFC, UK and USA Governments and the World Economic Forum.

Find out more here.

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The International Geothermal Association is a non-governmental not-for-profit entity and is the leading global authority in matters concerning the research and development of geothermal energy. The IGA connects the Global Geothermal Community, serving as a platform for networking opportunities aimed at promoting and supporting global geothermal development.

The mission of the IGA is to encourage, facilitate and promote the development of geothermal resources through visible and integrated position and representation of geothermal power, heat, geo-exchange, cooling and other uses.

Find out more here.

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The Conservation Foundation creates and manages environmental projects, award schemes, awareness campaigns, publications and events covering wide ranging issues and aimed at different and diverse audiences.

The Conservation Foundation is a registered charity funded by sponsors and organisations such as the Heritage Lottery and National Lottery Community Funds. Projects are run as partnerships – with corporate and individual sponsors, government departments, media organisations, trusts and foundations.

Find out more here.

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P4G – Partnering for Green Growth and the Global Goals 2030 –  is a new initiative, established in 2018, with the ambition of becoming the world’s leading forum for developing concrete public-private partnerships at scale to deliver on the SDGs and the Paris Climate Agreement.

It brings together business, government, and civil society organizations in innovative public-private partnerships to advance solutions that help meet humanity’s greatest needs in five key areas: food and agriculture, water, energy, cities and circular economy.

More info here.

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RKH is part of the Hyperion Insurance Group which comprises of broking divisions Howden and RKH, underwriting division DUAL and data analytics and delivery business Hyperion X. 

RKH’s expertise is of enormous assistance in the mobilizing of underwriting capital from the international insurance sector, the de-risking of sustainable investment opportunities globally in support of the SDGs and in working with the partnership to close the “protection gap”.

More info here.

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Kenbright Holdings Limited is an East and Central African insurance broker headquartered in Kenya. It has partnered with GeoFutures, providing invaluable advice on the local insurance market.

Kenbright Holdings Limited, with the assistance of Parhelion, is preparing to establish a team of geothermal insurance brokers in Nairobi to serve the Kenyan and Ethiopian markets.

More info here.

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Based in Nairobi, established in 2012 and supported by UK aid, FSD Africa is a specialist development agency working to build and strengthen financial markets across sub-Saharan Africa. It works to reduce poverty through a ‘market systems development’ approach.

FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government.

More info here.

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GeothermEx, Inc. is a Schlumberger company established in 1973 and based in California, USA.

It is the largest and most comprehensive geothermal consulting and services firm in the Western Hemisphere providing a comprehensive suite of expert geothermal services and world-renowned consulting covering geosciences, drilling, engineering, project development, reservoir management and economic analysis.

More info here.

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Earth Active is a team of multi-disciplined ESG specialists and expert advisors that provide investment and risk due diligence in emerging markets. It provides institutional investors with the insight and assurance needed to de-risk investment in emerging markets.

Earth Active works for and with international finance institutions to understand the factors that influence investment decisions, the practical and political challenges of working in emerging markets to manage and mitigate those risks. 

More info here.

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We contribute to...

GeoFutures GreenInvest supports Kenya and Ethiopia to deliver their commitments on climate action as outlined in The Paris Climate Agreement. By directly supporting the creation 600 MW of low cost, clean, reliable geothermal power in Kenya and Ethiopia, GeoFutures GreenInvest is positively influencing the geothermal power sector to becoming a green alternative to unsustainable, environmentally harmful, and carbon-emitting power plants, avoiding almost 3.1 million tonnes of CO2eq annually in Kenya and Ethiopia (compared with baseline scenario). A step-change to mitigate greenhouse gases and meet the UN’s SDG7, SDG11 and SDG13. 

Through its platform, GeoFutures GreenInvest will help remove key development barriers constraining the geothermal sector investment, directly contributing to making cities and communities safe, resilient and sustainable. GeoFutures GreenInvest is committed to ensuring local populations are positively impacted, engaged and supported, helping towards the UN SDG 1 (No Poverty), 2 (Zero Hunger), 3 (Good Health and Well-Being).   

GeoFutures GreenInvest will support sustainable development opportunities in East Africa that uphold strong environmental, wildlife and social safeguards. The facility will adhere to the mitigation hierarchy principles set out by the Business Biodiversity Offsets Programme to achieve no net loss or gain of biodiversity, specifically ‘a commitment to compensate for significant residual adverse impacts on biodiversity identified after appropriate avoidance, minimisation and on-site rehabilitation measures have been taken according to the mitigation hierarchy’.