Africa Private Sector Commits to Scale Up Business Climate Action Pathways For Resilience and Green Industrialization of Africa
At the high-level side event during the 28th Conference of the Parties (COP 28), in Dubai, the Kenya Private Sector Alliance (KEPSA) in collaboration with the African Climate Foundation (ACF), the United Nations Environment Program (UNEP) and the Africa Business Council (ABC), affirmed the commitment of the Africa Private Sector in scaling up climate action pathways’ for resilience and green industrialization of Africa, through the Africa Private Sector Commitment to Scaling up pathways to climate resilience and green and call to action.
A statement signed by more than 20 private sector entities across Africa.
Africa’s private sector, which accounts for 80% of total production, 67% of investment, and employs 90% of the working-age population, is crucial in addressing global warming. However, the continent faces challenges due to its high levels of social and economic vulnerability.
In a statement read on behalf of KEPSA by the Climate Business Information Network Coordinator Ms Faith Ngige, “Through the private sector, Africa has an opportunity to be part of global value chains whilst at the same time establishing resilient continental value chains and supply chains that will support green development. Engaging the private sector to invest in climate action as substantial active implementers and solution providers is essential if we are to accelerate the transformation to low-carbon resilient societies.”
Speaking at the forum, the Regional Principal Regional Officer for climate and green growth at the African Development Bank, lauded the private sector for playing a significant role in climate action through the power of agency in transforming climate finance into solutions using technology, resources and technical know-how.
The scale of financing and resources required to tackle climate change is not yet proportionate to the adaptation needs of Africa. There is a need to re-engineer a model for the private sector financing instruments and incentives that fit the needs of Africa.
To enhance adaptation solutions for Africa, local technology is key in ensuring that Africa adapts to the changing climate. It’s a zero-sum game to get climate financing only to procure foreign Technologies that do not serve our needs.
Africa must ensure that our technologies are utilized for the decarbonization of value chains, Said Eng Ahmed Kamal, Executive Director- Technical and Climate Change Advisor- Federation of Egyptian Industries.
Mr Ekitela Lokaale -Ministry of Foreign and Diaspora Affairs, recalling the Africa Climate Summit
Nairobi Declaration, highlighted the readiness of Africa to be a solution to the world and the no
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