Pathways For Investment Required to Accelerate Climate
Ahead of the 28 th Conference of the Parties (COP 28), the Kenya Private Sector Alliance (KEPSA) has reaffirmed its unwavering commitment to increasing business investments for climate resilience and green growth in Africa. According to
the KEPSA CEO, Ms. Carole Kariuki, the adoption of most of the Private Sector.
Recommendations in the Africa Climate Summit (ACS) – Nairobi Declaration, reinforced the private sector’s dedication to driving transformative climate action. She spoke today at the High-Level Private Sector Post ACS- Pre- COP 28 Forum in Nairobi.
“Tapping into the vitality of Africa, we must strategically tap into the opportunities presented by Africa’s rich resource to invest in a green manner. Strategic planning and regional collaboration are required to scale up investments, promote innovation and establish vibrant sustainable markets that support our planet is a crucial task for the private sector in
Kenya and Africa,” said Ms. Kariuki, noting that businesses are the engines of economies, providing jobs, improving livelihoods, and implementing climate solutions.
The Summit was organized by KEPSA in collaboration with the Ministry of Foreign and Diaspora Affairs, United Nations Environment Program) (UNEP, and the German Development Cooperation (GIZ). It brought together private sector leaders, policymakers, and stakeholders to address the pressing challenges of climate change and chart a roadmap towards COP 28,
which will convene from November 30 th to December 12 th , 2023, in the UAE.
Speaking at the forum, the Principal Secretary of the Ministry of Foreign and Diaspora Affairs, Dr. Korir Singoei, lauded Kenyan businesses for recognizing the importance of building climate resilience, implementing measures to adapt to changing weather patterns, and incorporating climate risk assessments into their strategies.
“As we chart the path for the country’s sustainable economic future, no country should ever have to choose between development aspirations and climate action and neither should any private sector have to choose between business and climate action, the Ministry of Foreign and Diaspora Affairs is keen on collaborating with the private sector in Kenya and across the continent through the climate diplomacy network by bolstering green development, ensuring sustainable growth, and positioning Africa as a key player on the global stage,” said the PS.
Furthermore, partnerships have continued to play a critical role in unlocking new climate investments toward creating low emissions and climate-resilient transition pathways in energy, agriculture, water, infrastructure, mobility, and social services.
“As we navigate the global challenges posed by climate change, Germany stands as a steadfast partner in supporting climate action, energy and sustainable solutions in Kenya and across Africa. Our collecting efforts to drive the country's momentum to champion the delivery of green growth agenda and climate finance plans. The Summit today, is a testament that
together, we can build a resilient future, increase investments that foster innovation, and
drive positive change for the benefit of current and future generations,” said the Hanna Salian, the Head of Energy Transport and Climate Change, GIZ.
Dr. Cyrille Siewe, the Head of the United Nation Environment Program (UNEP) Africa Country Program, echoed his sentiments by reiterating the UN’s support for climate action in Kenya and Africa.
“We believe in the power of collective action and collaboration to address the challenges climate change poses. Our commitment to actively work closely with the private sector and the government extends beyond words, and we are eager to continue contributing to the global efforts toward a sustainable future,” said Dr. Cyrille.
The latest Intergovernmental Panel on Climate Change (IPCC) reports indicate that the world is not on track to limit global warming to below 1.5 degrees C. The Nationally-Determined Contribution (NDC) pledges, as they stand, would still exceed the 1.5°C target, at least for some time. Therefore, the urgency of addressing climate change is more apparent than ever,
with the forum underscoring the need for immediate and collective action.
“Climate threats in Africa are amplified by the high social and economic vulnerability levels, further exacerbating the transition risk and physical impacts. As we move to COP 28, we must continue presenting a unified voice for Africa by Africans by collaborating more and adopting multi-stakeholder efforts towards scaling up action,” emphasized Dr John Chumo, the CEO of the Office of the First Lady of the Republic of Kenya.
The summit also sought to reflect on the Africa Climate Summit as well as develop and
consolidate a common agenda for scaling up the commitment of the Africa private sector
commitment on pathways to Climate Resilience and Green Growth to be canvassed at COP 28.
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