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ICC-KENYA FORUM ON BUSINESS SUSTAINABILITY IN KENYA
- Published On: 2023-05-30
On 30th May 2023, The International Chamber of Commerce (ICC-Kenya) in partnership with the African Guarantee Fund (AGF) organized a forum on Business Sustainability in Kenya. The event focused on the theme of Green Financing, ESG Reporting, and Carbon Markets. The forum provided a platform for businesses involved in the Green Financing, ESG (Environmental, Social, and Governance) reporting, and Carbon markets to share knowledge, learn from experts, and discuss sustainable practices.
Prominent speakers at the forum, provided valuable insights on various aspects of sustainable business practices and highlighted the significance of Green Financing, ESG Reporting, and Carbon Markets.
ESG reporting – a key topic discussed during the event, emphasized that reporting and compliance should be mandatory for companies and should adhere to specific requirements, including:
- > Green watching and reporting on ESG initiatives: Companies need to monitor and report on their environmental, social, and governance initiatives and their impact on sustainability.
- > Standards used: Companies are expected to follow recognized standards for ESG reporting. These standards can be Kenyan, European Union (EU), North American, American, or other relevant international standards.
- > Implementation of scope 1, 2, and 3: Scope 1 refers to direct greenhouse gas emissions from company operations, Scope 2 covers indirect emissions from purchased electricity, and Scope 3 includes other indirect emissions throughout the value chain. Companies are required to implement measures to track and report on these emissions.
In conclusion, it was emphasized that simplifying the ESG reporting process is essential to remove complexities and facilitate better compliance. By understanding the importance of Green Financing, ESG Reporting, and Carbon Markets, businesses can adopt sustainable practices that contribute to environmental preservation, social responsibility, and overall business sustainability in Kenya.
The speakers at the forum included; Kenya Bankers Association, African Guarantee Fund, Nairobi Securities Exchange and Koko Networks, Kenya Climate Innovation Centre, KCB Group, Kenya Green Building Society (KGBS), East Africa Breweries Limited, Airtel Africa, Deloitte, Safaricom and the Turnkey Group, Singapore.