Introduction – Private Sector and Climate Change
Private sector are drivers of economy and are increasingly playing a larger role in enhancing country’s growth. Corporate leaders play an integral role in engaging on sustainable issues impacting their corporate bottom lines. While a small number of corporates are contributing to global warming and GHG emissions, many companies are playing a vital role in embracing green technologies mitigating impacts of climate change.
Companies are investing in sustainable practices to enhance the triple bottom line of Planet, People and Economy. More business are realizing that investing in sustainable practices is good for the economy and their bottom line.
Private sector participation in mitigating climate change is critical and has been acknowledged. Public resources (from domestic and international providers) totaled KES 144.3 billion (59.4%) while investment from the private sector totaled KES 98.9 billion (40.7%). Of this, the domestic private sector contributed around 14%. This is less than half of the financing that Kenya needs annually to meet its targets set out in Nationally Determined Contributions (NDC). Private sector should commit to sustainable practices and should play a leading role in the country. There is a need in Kenya for the private sector to come together to share their best practices in mitigating the climate impact.
This is the motive on which Kenya Climate Innovation Centre (KCIC) with the partnership of Kenya Private Sector Alliance (KEPSA), Kenya Association Of Manufacturers (KAM), Nation Media Group (NMG), and KCIC Consulting Limited (KCL), is rallying corporate leaders in making climate declarations in Kenya through the initiative, Corporate Commitment on Climate Change in Kenya (4C-Kenya). The 4C-Kenya will be held on 10th November 2021 at Strathmore University to coincide with the COP26 to declare commitments of Kenyan corporates on climate change.