Harnessing the Power of the Carbon Market: Private Sector Leaders Chart the Path for Sustainable Development in Africa

The Private Sector ESG Forum, a leading platform designed to champion sustainable business practices across Africa, concluded its 2024 edition with a resounding call to action for the private sector to leverage the carbon market as a catalyst for investment to propel a greener, more inclusive future for Africa.

The 2024 ESG Forum held under the theme “The Carbon Market: Driving Investment for a Sustainable Africa,”on Wednesday, November, 6 2024 at the Civic Centre, Lagos also brought together prominent business leaders, policymakers, and sustainability experts to explore how the carbon market can unlock transformative opportunities for the continent.

Yarub Al-Bahrani, Managing Director of BAT West & Central Africa, set the tone for the day’s discussions in his welcome address, emphasizing the private sector’s crucial role in addressing the climate crisis  to drive  sustainable development.

“Africa stands at the crossroads of unprecedented opportunity and pressing environmental challenges. As the world transitions to a low-carbon economy, the carbon market offers Africa a unique chance to lead in climate action while attracting much-needed investment for sustainable growth. By leveraging the carbon market, we can generate economic opportunities that uplift communities, advance clean technologies, and build more sustainable industries,” said Al-Bahrani.

Dr. Oreoluwa Finnih, Special Adviser to the Lagos State Government on Sustainable Development Goals (SDG) who represented the Lagos State Governor, Babajide Sanwo-Olu, expressed Lagos state’s commitment to sustainability and good governance practices.

He said the Lagos state recognizes the importance of ESG principles in driving a green and resilient economy and has therefore taken several steps to advance ESG priorities, including pioneering waste-to-energy projects that convert solid and liquid waste into renewable energy sources, and establishing the Lagos carbon registry.

She also highlighted the state’s commitment to lead by example through its public-private partnerships in areas like infrastructure, healthcare, and waste management aimed at reducing delays and improving citizen access to services.

Paul Muthaura, Chief Executive of Africa Carbon Market Initiatives in his address also expressed the need for collaborative actions to driving sustainable development. He said

“The carbon market stands as an opportunity for Africa businesses. It is a tool that enables us to harness our rich natural resources while driving investments that empower communities and protect our environment. Together, we can transform the challenges of climate change into pathways for economic growth, ensuring that Africa leads the world in creating a sustainable future”. He added

The forum featured a series of insightful panel discussions that  also focused on  the multifaceted impact of climate change on African businesses, the financial challenges and solutions for decarbonization projects among others.

Among some of the key speakers at the event include Dr. Innocent Bariate Barikor, Director General of the National Environmental Standards and Regulations Enforcement Agency (NESERA); Segun Ajayi-Kabir, Director General, Manufacturers Association of Nigeria (MAN); Mr. Paul Muthaura CEO, Africa Carbon Markets Initiative, Kenya; Titilayo Oshodi, Special Adviser to the Lagos State Government on Climate Change among several others.

Part of the highlight of the event was the announcement of the Young Professional Mentorship Programme, aimed at gathering young sustainability enthusiasts to expand awareness and build capacity on ESG.

The programme is a transformative step towards empowering the next generation of young sustainability leaders by fostering a community of passionate young professionals, adding that thy were not only expanding awareness around ESG but also building the capacity needed to drive meaningful change across Africa.

For inquiries for the ESG Forum and registration for the Young Professional Mentorship Programme, please visit www.esgforumafrica.com

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