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

Legit.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public affairs.

Ikeja, Lagos state – The private sector Environmental, Social and Governance (ESG) Forum 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 was held with the theme "The Carbon Market: Driving Investment for a Sustainable Africa," on Wednesday, November 6, in Lagos, Africa's commercial nerve centre.

The 2024 edition of the programme by the leading platform brought together prominent business leaders, policymakers, and sustainability experts to explore how the carbon market can unlock transformative opportunities for the continent. The event was designed to champion sustainable business practices.

Yarub Al-Bahrani, managing director (MD) of BAT West and 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 and driving sustainable development.

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Al-Bahrani said:

"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."

Oreoluwa Finnih, special adviser to the Lagos government on sustainable development goals (SDG) who represented Governor Babajide Sanwo-Olu, shared the state's 'commitment to sustainability'.

Finnih said:

"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 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.

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In his keynote address, Paul Muthaura, CEO Africa Carbon Market Initiatives, expressed the need for collaborative actions to driving sustainable development.

He said:

“The carbon market stands as an opportunity for African 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 forum featured a series of insightful panel discussions that delved into 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.

The speakers shared valuable insights on how companies can 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.

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Key speakers at the event included: Paul Muthaura CEO, Africa Carbon Markets Initiative, Kenya; Segun Ajayi-Kabir, director general (DG), Manufacturers Association of Nigeria (MAN); Innocent Bariate Barikor, DG/CEO of National Environmental Standards and Regulations Enforcement Agency (NESERA); Titilayo Oshodi, special adviser to the Lagos state government on climate change; Ademola Ogunbanjo, President/CEO, Oando Clean Energy; Ejiro Gray, director, governance and sustainability, Sahara Group; Jocelyne Landry Tsonang, project manager Africa, Green Bond Corporation, Cameroon; Afolabi Akinrogunde, senior deal lead/business opportunity manager, Shell Energy Nigeria; Habiba Suleiman, head of strategic partnerships, TGI Group, 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.

Odiri Erewa-Meggison, Director, External Affairs BAT WCA and Chairman, ESG Forum technical committee, explained:

“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."

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Furthermore, the forum emphasised 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 aimed at uniting stakeholders in the race for accountability in driving sustainable progress and addressing pressing environmental and social challenges.

Source: Legit.ng