KEPSA, on 5^th September 2023, participated in the Africa Climate Summit #ACS23 private sector breakfast meeting that sought to bring together leaders to explore climate finance solutions and drive Green Growth for Africa and the World organized by the Equity Group. The CEO Ms Carole Kariuki led the KEPSA team.

The breakfast meeting saw the Africa Private Sector Statement on the occasion of the inaugural Africa Climate Summit, 2023. The private sector sought more options in building climate action for resilience and green growth.

Dubbed: Driving Green growth and climate finance solutions for Africa and the world, the event saw the signing of the Private Sector Commitment on Climate Action. The Statement as signed by private sector players read, “We, the undersigned private sector leaders, representing a diverse range of sectors within Africa offer this declaration of commitment to combating climate change while acknowledging the importance of collaboration between the private and public sectors in achieving the shared goal of building climate action for resilience and green growth.”

Some of the issues articulated therein in the declaration included; climate finance, green investments, decarbonization efforts, carbon markets and transition to renewable energy, green transition minerals, food and agriculture, nature and carbon sinks, adaptation and resilience measures and climate and sustainability reporting mechanisms.

KEPSA CEO, Ms Carole Kariuki noted that, “to underscore our unwavering commitment to Climate Action, KEPSA has actively contributed to developing Kenya's Private Sector Strategy on Climate Change Solutions. This comprehensive strategy meticulously outlines specific actions the private sector will undertake between 2022 and 2030, aligning perfectly with the government's climate change targets.”

She further noted that, KEPSA’s knowledge center, the Sustainable Inclusive Business – Kenya, is leading the implementation of the Kenya Plastics Pact, the second in Africa after the South Africa Plastics Pact and has launched the plastic packaging recyclability guidelines, a vital step in addressing plastic pollution in the country.

Furthermore, the CEO added that KEPSA, in a strategic partnership with TradeMark Africa, embarks on a comprehensive assessment of Kenya's progress towards a circular economy. This collaboration aims to identify and analyze the barriers hindering the transition to a circular economy. The goal being to develop a comprehensive policy brief complete with actionable recommendations to address these obstacles and enhance private-sector compliance.

“The power to solve challenges of climate change in Africa lies with the private sector. For businesses, it isn’t a cost question but an investment towards averting the damages. The country requires consistent policies and incentives,” remarked Dr. Mwangi, Equity Group MD and CEO.

Mr. Stephen Jackson, UN Resident Coordinator, recognized Africa’s Climate Change challenges and acknowledged the key role of Africa as the preferred solutions provider. He noted that the UN was honoured and excited to witness the private sector declaration and will commit to amplifying the voice of Africa.

His sentiments were echoed by Ms Sanda Ojiambo, CEO UN Global Compact. Ms Ojiambo noted that any transition that is to happen in this world has Africa at the center of the interest, and how Africa will turn this attention to investment opportunities to drive green growth and climate change solutions is what is to be explored.

Safaricom CEO, Mr Peter Ndegwa, made a clarion call that Africa needs to utilize technology and digital tools to measure and report the credibility of the private sector claims concerning climate change. He further added that Africans need to proactively unite and lead the climate change agenda through collaborative partnerships and by making clear, specific commitments.

Mr Vimal Shah, Chair of Bidco Africa, remarked that many people struggle to grasp the concept of climate finance, as such the private sector needs to find ways to simplify the concept for everyone as it has grown increasingly complex over the past few years.