On 4th August 2023, The International Chamber of Commerce-Kenya (ICC-Kenya) in partnership with NCBA Group Plc, EDF Kenya and the Africa Climate Summit hosted the Pan-Africa Private Sector Corporate Dinner themed: “Driving Green Growth and Climate Finance Solutions for Africa and the World” at a Nairobi Hotel. This prestigious event brought together corporate leaders, innovators, and decision-makers from across the continent to collectively address the urgent challenges posed by climate change and explore pathways towards sustainable business practices.
In his opening remarks, Eng. Patrick Obath, Chair ICC-Kenya noted that Africa has an open canvas that will set a positive precedent that the rest of the world can follow through building climate-resilient infrastructure. He added Africa is not just a passive recipient of climate change impacts; it is a vital player in climate action. The continent has vast renewable energy potential, rich biodiversity, and innovative solutions that can drive global sustainability. Africa can become a hub for clean energy, sustainable agriculture, and climate-resilient infrastructure. While Africa plays a crucial role, addressing climate change requires a global effort. Developed countries must fulfil their commitments to provide climate finance to support developing nations in their transition to greener economies.
Lennox Mugambi, Group Director, Asset Finance & Business Solutions noted that, “at NCBA, we understand that Climate action and economic development are not in conflict but interdependent; they need to happen together or neither will happen.” He added that NCBA is a brand built on the belief that their license to operate is granted by the communities they serve. They remain committed to promoting sustainable practices and assisting their clients in transitioning to a low-carbon economy. NCBA recognizes that this journey is best undertaken together and call upon all industry players present today to share innovative strategies and best practices to collectively address climate challenges.
International Finance Corporation (IFC) Regional Director Mary Porter in her remarks noted that Increasing financing to combat climate change and its impacts is a central focus of the IFC) work. Africa, though responsible for less than 4% of global greenhouse gas emissions, is among the most vulnerable regions to the consequences of climate change. This vulnerability stems in part from the heavy reliance on rain-fed agriculture and limited government resources to adapt and respond to shocks.
IFC is committed to increasing green financing for Africa. In the last fiscal year, we committed $876 million to support the continent’s green energy transition and provided an additional $1.2 billion to help financial institutions expand their climate and sustainability financing. We are collaborating with institutions like Equity Bank and KCB in Kenya to promote green lending and working on initiatives to strengthen the resilience of the country’s agriculture system.
In conclusion, it was noted that the private sector’s commitment is crystal clear. We are poised to take the lead and ensure that climate change and sustainability cease to be mere concepts and instead become tangible realities accessible to all.
