On December 1st 2023, at COP 28 in Dubai Expo City, UAE, KEPSA, in collaboration with the Partnering for Green Growth and Global Goals(P4G) and the Ministry of Environment, Climate Change, and Forestry, announced the North-South collaboration in fostering knowledge, skills transfer, and access to climate finance for the accelerated realization of green growth and sustainability during the second phase of P4G. Present in the meeting were representatives of P4G from Kenya, South Africa, Bangladesh, and the Global P4G Hub based in Washington, led by the Executive Director, Ms. Robyn McGuckin.

As the world faces pressing environmental challenges such as climate change, resource depletion, and pollution, the adoption of green business models and partnerships has become increasingly important. In a session themed “Transforming Economies through Green Business Models and Partnerships for Climate Entrepreneurship in Developing Countries,” the P4G Executive Director, Ms. Robyn McGuckin said that, if we are to solve the climate crisis the world faces today, innovation and scaling of market-based approaches are the way to go. The climate start-ups of today are the climate titans of tomorrow; as climate resilience requires climate entrepreneurs. P4G plays the key role of providing climate finance for the missing middle by building a pipeline of bankable, locally-led climate businesses.

In a high-level panel focusing on the deep dive into the climate entrepreneurship and green economies transition for accelerated climate action, Mr. Augustine Kenduiwo, P4G focal point, Kenya National Platform under the Ministry of Environment, Climate Change, and Forestry, said that “green growth is the answer to climate change. Green growth enables climate ideas to be turned into business solutions.” Kenya has put in place the requisite policy and regulatory reforms to catalyse investments’ in green solutions.

Ms. Faith Ngige, Kenya National Platform, Private Sector, P4G Focal point, while expounding the significance of national platforms in supporting the green transition, indicated that national platforms under P4G, support localization of climate solutions in line with national, nationally determined contribution targets and priorities. The national platform has also been very instrumental in driving policy and regulatory reforms to catalyse green market development.

Ms. Shameela Soobramoney, Chief Executive Officer, National Business Initiative, South Africa, shared insights on the role P4G can play in supporting the just transition. The just element of the just transition should consider distributive justice, enable access to finance to especially support small and micro enterprises, and ensure that the youth dividend of Africa is productively engaged in gainful employment.

Dr. Sebastian Groh, Executive Director of Solshare, Bangladesh, shared the opportunities that exist to leverage P4G and national platforms in climate action and reiterated the critical role that P4G has played in Bangladesh in financing green innovations that are often not considered by the mainstream financial system because of the high risks involved with start-ups. By localizing the global challenge into local solutions, green innovations can consider the local circumstances, a critical principle of the Paris Agreement. P4G also has the opportunity to create green jobs for the youth.

Transforming economies through green business models is a crucial strategy for addressing environmental challenges, reducing carbon emissions, and promoting sustainable development. Green business models and partnerships play a crucial role in driving green growth. Partnering for Green Growth and Global Goals (P4G) is a global initiative hosted in 12 countries around the world for catalysing and growing climate businesses, partnerships, and market-based solutions for green growth and climate change. P4G contributes to green and inclusive growth in developing countries by supporting businesses to become investment-ready and supporting climate transitions in food, water, sustainable cities, and energy systems.