The private sector has declared its commitment to combating climate change in the just concluded #AfricaClimateSummit23 held at the KICC Nairobi. Presented by Equity Group Managing Director and CEO Dr. James Mwangi on behalf of the private sector, the sector seeks to achieve the shared goal of building climate action for resilience and green growth, is focused on addressing the following key elements: Climate finance, Green Investments, Decarbonization, Green Transition Minerals, Food and Agriculture, Adaptation and Resilience.
These commitments encompass a wide range of initiatives aimed at promoting climate change for the future of Africa that include:
Climate Finance
One of the key commitments made by the Private sector is to support the African Declaration pledge on climate finance. This commitment underscores the bank’s determination to play a crucial role in financing green projects and initiatives across the continent. The sector plans to include mechanisms that will facilitate the scaling up of green investments in the private sector. By providing financial support and expertise, the bank aims to bolster sustainable business practices and accelerate the transition to a green economy.
Green Investment
In the pursuit of environmentally responsible banking practices, the private sector is committed to adopting a green and circular business model. This means designing products and services that are not only financially viable but also environmentally friendly. By incorporating sustainability throughout its value chain, the bank will reduce its ecological footprint and promote eco-friendly practices among its partners and clients.
Decarbonization
The private sector in Kenya is also taking a proactive stance on decarbonization by actively seeking opportunities for nature-based solutions in its decarbonization plans. The sector’s commitment to nature-based solutions demonstrates its commitment to sustainability beyond financial considerations that involves reducing the carbon footprint to a minimum and offsetting any remaining emissions through carbon markets. By participating in carbon markets, the bank contributes to global efforts to limit global warming and promote climate justice.
Green Transition
The private sectors commitment to the green transition extends to mineral projects and their value chains. The sector is dedicated to ensuring fair working conditions, equitable wages, and the overall well-being of employees in the informal sector participants. This commitment not only addresses environmental concerns but also social and economic aspects, promoting sustainable development that benefits all participants.
Sustainable Food Agriculture
The private sector in Kenya also recognizes the importance of sustainable food agriculture in addressing climate change and food security. Speaking during the event, the Equity Bank’s CEO noted that the sector is committed to creating critical infrastructure such as refrigeration facilities and warehouses. These facilities will help reduce post-production waste, ensuring that food products reach consumers efficiently while supporting market and trade opportunities for farmers.
Overall, these commitments at the Africa Climate Summit 2023 signify a bold step towards creating a more environmentally responsible and equitable future for Africa and the world. The Summit also seeks to launch a new ambition for Africa. It serves as a platform to showcase progress, exchange perspectives, and begin to converge on shared priorities for global discussions.