Kenya’s Private Sector Leaders Pledge increased Investment in Climate Action

The Kenya Private Sector Alliance (KEPSA), and the United Nations Environment Program (UNEP) on behalf of the United Nations in Kenya, convened a High- Level Private Sector Roundtable,bringing together top Corporate CEOs and Business Leaders, Development Partners and the Government to outline priorities for the Africa Climate Summit and to share perspectives towards the Nairobi Declaration.

The rallying theme for the high-level CEOs roundtable was “Building business climate action for resilience and green growth”. The Africa Climate Summit, taking place in Nairobi from the 4th to the 6th of September 2023, will present a bold and ambitious new African vision for a Green Growth agenda that optimizes the continent’s abundant human and natural resources and integrates enhanced climate action.

Speaking during the roundtable,Hon Soipan Tuya,Cabinet Secretary for Environment Climate Change and Forestry noted the need to maximize the private sector contribution to tackling climate change, with clear and appropriate incentives that are being created. “As a Country, we are already walking the talk, we have amended our Climate Change Act and provided a carbon Market regulatory framework, one of its kind in Africa, that provides for a transparent space to invest in high-quality Carbon Market Projects,” remarked Hon. Tuya.

Kenya’s private sector companies increasingly recognize the importance of reducing greenhouse gas emissions to mitigate climate change. Investing in climate change, presents significant opportunities, for adaptation and mitigation including green manufacturing, climate smart
agriculture, ecotourism, adopting a circular economy among others.Green industries and business, foster innovation, create new business models, and generate economic value through eco-design and ecolabelling, lifecycle assessment, extended producer responsibility schemes,
investment in material recovery, waste processing and residual waste management.

“It is encouraging to see private sector members enhance their commitment to driving investments in green growth and climate change. We want to emphasize our solid support for the government in co-hosting the upcoming Africa Climate Summit and leveraging complementarity and synergy to unlock more investments across all sectors,” said Ms Carole Kariuki, KEPSA CEO.

Ms Kariuki also lauded the private sector’s commitment to disclosing their environmental impact to promote transparency and accountability in climate action through environmental social governance (ESG) and sustainability reporting. This, she emphasized, “will help stakeholders assess progress, identify areas for improvement, and hold companies accountable for their climate commitments”.

Insights from the roundtable showed that transitioning from the current development pathway to a low-carbon, climate-resilient one will require significant investment, innovation, and, more importantly, a shift in how governments and the private sector make decisions.
“Kenya must lead Africa in progressing from policy creation, pledges and promises to increased climate action implementation, which requires more private sector investment.

The United Nations is encouraged by the continued collaborations among all public and private sectors and with development partners, as this will lead to developing and implementing more sustainable initiatives and drive systemic change,” noted Stephen Jackson, the UN Resident Coordinator.

The private sector encompasses formal and informal actors, with the latter employing up to 80% of the continent, including the youth.
Private sector members implementing impactful climate change interventions were also awarded during the roundtable. These included Timao Group (SME Award), Safaricom PLC (Corporate Award), Kenya Bankers Association(KBA)(Association Award), International Livestock Research Institute (Research Award) and KEPSA (Umbrella Association Gold Award), whose innovations and solutions were recognized for addressing climate change and promoting green growth.

The Africa Climate Summit will bring together heads of state and governments, business leaders, policymakers, scientists, civil society organizations, and other stakeholders to discuss and advance climate action for Africa.It is also anticipated that participants will discuss the latest scientific findings on climate change, share experiences and best practices on climate action, and negotiate agreements and commitments to reduce greenhouse gas emissions and adapt to the impacts of climate change.

Moreover, the summit will provide an essential platform for advancing green growth and promoting cooperation among countries and stakeholders in the region, helping to raise awareness of the urgent need to address climate change and the opportunities for transitioning to a more sustainable, low-carbon future.