The Private Sector Environmental, Social and Governance (ESG) leaders seek sustainable development in Africa through the carbon market
By Edu Abade
The Private Sector Environmental, Social and Governance (ESG) Forum has urged the organized private sector to leverage the carbon market as a catalyst for investment to propel a greener, sustainable and more inclusive future for Africa.
It made the call at 2024 ESG Forum the theme: The Carbon Market: Driving Investment for a Sustainable Africa, which held on Wednesday, November 6, 2024 in Lagos and was attended by prominent business leaders, policymakers and sustainability experts to explore how the carbon market could unlock transformative opportunities for the African continent.
Managing Director of BAT West & Central Africa, Yarub Al-Bahrani, who set the tone for discussions in his welcome address, emphasized the private sector’s crucial role in addressing the climate crisis and driving 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,” Al-Bahrani said.
Special Adviser to the Lagos State Government on Sustainable Development Goals (SDGs), Dr. Oreoluwa Finnih, who represented the Lagos State Governor, Babajide Sanwo-Olu, restated Lagos State’s commitment to sustainability and good governance practices.
“Lagos state recognizes the importance of ESG principles in driving a green and resilient economy. The state has 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 said.
She also highlighted the state’s commitment to leading by example in transparency through its public-private partnerships in areas like infrastructure, healthcare, and waste management, which aim to reduce bureaucratic delays and improve citizen access to services.
Also in his keynote address, Chief Executive Officer (CEO), Africa Carbon Market Initiative, Paul Muthaura, expressed the need for collaborative actions to driving sustainable development, saying: “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.”
The ESG forum featured insightful panel discussions that focused on the multifaceted impact of climate change on African businesses, the financial challenges and solutions for decarbonization projects, and the intricacies of the carbon market and carbon credits.
Different speakers shared valuable insights on how companies could navigate the risks and seize the opportunities presented by climate change, as well as the innovative financing mechanisms and business models that can make decarbonization more viable and attractive to investors.
Key speakers at the event included Director General and CEO, National Environmental Standards and Regulations Enforcement Agency (NESERA), Dr. Innocent Bariate Barikor; Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kabir; CEO, Africa Carbon
Markets Initiative, Kenya, Paul Muthaura; Special Adviser to the Lagos State Government on Climate Change, Titilayo Oshodi; President/CEO, Oando Clean Energy, Ademola Ogunbanjo; Director, Governance & Sustainability, Sahara Group, Ejiro Gray; Project Manager Africa, Green Bond Corporation, Cameroon, Jocelyne Landry Tsonang; Senior Deal Lead/Business Opportunity Manager, Shell Energy Nigeria, Afolabi Akinrogunde and Head, Strategic Partnerships, TGI Group, Habiba Suleiman, among 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.
Director, External Affairs BAT WCA & Chairman, ESG Forum Technical Committee, Odiri Erewa-Meggison, said: “This programme is a transformative step towards empowering the next generation of young sustainability leaders by fostering a community of passionate young professionals, we are not only expanding awareness around ESG but also building the capacity needed to drive meaningful change across Africa.
“Collaboratively, we can cultivate innovative solutions that will shape a sustainable future for our continent.”
The forum also pointed out the responsibility of the private sector, policymakers and the broader stakeholder community to integrate sustainable practices into their operations and strategies. At the close of the event, participants collectively pledged to be more responsible to ESG practices.
This is aimed at uniting stakeholders in the race for accountability in driving sustainable progress and addressing pressing environmental and social challenges. Details of the ESG Forum and registration for the Young Professional Mentorship Programme are at www.esgforumafrica.com.
