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December 2, 2023
Africa Climate Summit 2023 Climate Responsibility Corporate Social Responsibility (CSR)

Africa private cector pledges climate responsibility at inaugural Africa Climate Summit

Equity Group Managing Director and CEO Dr. James Mwangi presents the private sector statement of commitment to combating climate change on behalf of the private sector during the closing of the 2023 Africa Climate Summit

• The Statement outlines the private sector’s roles and responsibilities in partnership with
the Nairobi Declaration as offered by Africa Heads of State.
• The voice of the Africa Private Sector Coalition will be delivered through the Statement at
the United Nations General Assembly, the Fall World Bank/IMF Meetings, and the
upcoming COP28 meetings in the UAE.

13th September 2023Nairobi, Kenya: As a key stakeholder to the climate solution agenda, the
Africa Private Sector Coalition delivered its commitment statement at the Inaugural Africa Climate
Summit (ACS23) held in Nairobi, Kenya. This summit is part of the global climate weeks taking place
globally in the lead up to the COP28 climate gathering in the United Arab Emirates in November.
The event, attended by more than 20 African Heads of State, the United Nations Secretary General
and global dignitaries, was hosted and chaired by His Excellency, President William Ruto of Kenya. Dr.
James Mwangi, Group Managing Director and CEO Equity Group Holdings presented the statement
on behalf of the Africa Private Sector Coalition during the ACS23.

“We applaud the commitment of African states to address climate action and drive green growth and
climate finance. The Private Sector in Africa has come together to stand with the Governments of Africa
side by side in the challenge of solving the impacts of climate change and to intentionally address the
opportunities of the climate agenda,” said Dr. Mwangi. “We wanted this inaugural Africa Climate Summit
to set out a singularity of voice for Africa across all stakeholders, with a sense of urgency that is required
for the climate crisis we are facing.”

The Africa Private Sector Climate Statement on the Occasion of the Inaugural Africa Climate Summit
– Building Climate Action for Resilience and Green Growth’ brought together a strong coalition of
partners representing a diverse group of sectors and actors. Founding signatories included Equity
Group Holdings, ALN, Kenya Private Sector Alliance (KEPSA), the Commonwealth Enterprise and
Investment Council (CWEIC), East African Business Council (EABC), Kenya Association of
Manufacturers (KAM) who pledged their commitment at an official private sector breakfast event during
the ACS23 week. Notably, the adoption of the Statement was also witnessed by the UN Global
Compact, Africa Business Leaders Coalition, and the United Nations Resident Coordinators Office in

Karim Anjarwalla, Director of ALN, states, “Building climate action for resilience and green growth in
Africa is not just a necessity; it is our shared responsibility. The private sector, in collaboration with
governments and stakeholders, must pave the way for sustainable development that safeguards the
future of our Continent and the world. Our commitment today echoes our dedication to shaping a
resilient, environmentally conscious Africa for generations to come.”
The intention of the Africa Private Sector Statement is to reflect on the roles and responsibilities of the
private sector in climate mitigation and adaptation efforts, complementing government efforts as an
equal partner.

The Statement signifies support for the Africa Leaders Nairobi Declaration on Climate Change and Call to Action and will be carried forward into upcoming forums, including the United
Nations General Assembly in New York, the World Bank/IMF Fall Meetings in Marrakesh and the
COP28 summit in the UAE in November, among others.
The coalition is actively seeking signatories to create the largest strategic -private sector alliance for
climate action.
One of the most impactful and important provisions of the Statement is the implementation of reporting
mechanisms to annually measure private sector contributions to climate mitigation and adaptation
Carole Kariuki, CEO of the Kenya Private Sector Alliance stated that, “The Statement has been put
together by the private sector with the aim of bringing in the voice of the private sector to the discussions
on combating climate change. The objective is to rally the private sector to work together in building
climate action for resilience and green growth.”

Collectively, the Statement’s founding signatories agree that Africa is in a strong position to drive
investment based on what the Continent is bringing to the world’s table. The recent UNCTAD Economic
Development in Africa Report 2023 cited the Continent’s potential to become a major participant in
global supply chains for high-technology sectors such as automobiles, mobile telephones, renewable
energy, and health care. The report further highlights Africa’s abundance of critical minerals, hydrogen
energy opportunities, climate-smart agriculture solutions, commitment to sustainability, as well as a
young, educated workforce and burgeoning middle class.

The coalition intends to collaborate with governments in line with the Nairobi Declaration to reform
national and regional policies, fostering incentives for sustainable growth and innovations”.
“The African Private Sector is being proactive, not reactive by setting this agenda for itself and the
continent as the current methodology of assessing the risk of investment on the continent does not
match its potential,” stated Rosie Glazebrook, CEO of the Commonwealth Enterprise and Investment

The following are highlights from the commitment statement which the Africa Private Sector
Coalition agreed on and delivered to the ACS23 Forum and to the Heads of States and
Dignitaries present:

We, the undersigned, pledge our commitment to specific areas of collaboration and partnership with
the public sector for achieving shared goals of building climate action for resilience and green growth.
The main/notable commitments under the specific thematic areas are as follows:
a. On climate finance, we commit to establishing a mechanism that scales up green investments
within the private sector.
b. On green investments, we commit to adopting green and circular business models, designing
products that are environmentally friendly and ensuring integration of sustainability throughout
the value chains.
c. On decarbonization, we commit to actively seek opportunities for nature-based solutions in
decarbonization plans and our commitment to net zero, carbon markets and a Just Transition.
d. On green transition minerals, we commit to investing in green mineral projects and their value
chains to provide fair working conditions, ensure equitable wages and safeguard the health and
safety of employees and any informal sector participant.
e. On food and agriculture, we commit to create critical infrastructure such as refrigeration facilities
and warehouses that reduce post-production waste and support market and trade opportunities.

f. On nature and carbon sinks, we commit to research innovation and actively seeking to invest in
nature-based solutions resulting in sustainable socio-economic development and preservation
of Africa’s natural assets.
g. On adaptation, and resilience, we commit to climate finance invested in climate adaptation and
resilience and
h. On climate and sustainable reporting, we commit to implementing international and national best
practices on climate and sustainability, integrating ESG factors into business decision making to
benefit society, the environment, and providing reports on progress toward achieving Nationally
Determined Contributions (NDCs).

From African Governments we request the following:
1. Appropriate policy reforms to that are coherent and predictable in driving mainstream climate
2. Appropriate incentives for the private sector to engage in supporting the climate agenda that
drive appropriate behavior in renewable energy, agriculture, manufacturing, and development of
strategic green minerals.
3. A long-term view for consistency and reliability of policies.

Dr. Mwangi concluded. “The Africa Private Sector has put its capabilities on the table and offered what
it can deliver towards strengthening the position of both competence and resources towards the
achievement of climate action for Africa and for the world. The ACS23 summit comes at a good time
as there are significant global events coming up where our voice as private sector can be heard. The
Africa Private Sector is embracing the climate challenge, and clearly sees the opportunity for
To read the full Africa Private Sector Climate Action Declaration, please click here.

If you’re interested in becoming a signatory to the Declaration, kindly email: africaclimate-privatesector-

About Equity Group Holdings
Equity Group Holdings Plc. is a Pan-African financial services holding company listed at the Nairobi
Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. The Group has
banking subsidiaries in Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial
Representative Office in Ethiopia. It has other subsidiaries in investment banking, insurance, telecom,
fintech and social impact investments.
Website: https://equitygroupholdings.com

About ALN
ALN is an integrated alliance of the preeminent full-service corporate law firms in 14 African countries:
Algeria, Côte d’Ivoire, Ethiopia, Guinea, Kenya, Madagascar, Mauritius, Morocco, Nigeria, Rwanda,
Sudan, Tanzania, Uganda and Zambia. ALN also has a regional office in Dubai, UAE, which serves as
a gateway to the Gulf region and beyond. Together, ALN firms provide clients with seamless practical
and business-focused legal, advisory and transactional services across Africa. The alliance specializes
in blending deep local knowledge and reach with sector-specific expertise, to successfully guide clients
in navigating locally and across borders.
Website: https://aln.africa

KEPSA is the apex organization of the private sector in Kenya. KEPSA brings together local and foreign
business associations, chambers of commerce, professional bodies, corporates from multinational
companies, medium, SMEs, and start-ups from all sectors of the economy to enable them to speak

with one voice when engaging government, development partners and other stakeholders on cross-
cutting policy issues and programs for Social – Economic Development of the Country.

Website: https://kepsa.or.ke

CWEIC is a commercial, not-for-profit membership organization with an official mandate from the
Commonwealth Heads of Government to facilitate trade and investment throughout the 56
Commonwealth member nations. The role of CWEIC is to use the convening power and trusted network
of the Commonwealth, which is led by His Majesty the King, to drive trade and investment. CWEIC’s
network includes around 140 business and government Strategic Partners (members) including
Standard Chartered, Zenith Bank, Trade & Investment Queensland and the Government of the
Maldives from 35 countries and territories. Every two years, CWEIC hosts the Commonwealth Business
Forum in association with the host country of The Commonwealth Heads of Government Meeting
Website: https://www.cweic.org

About EABC
The East African Business Council (EABC) is the apex advocacy body of private sector associations
and corporates from the 7 East African Community (EAC) Partner States (Kenya, Democratic Republic
of the Congo, Tanzania, Rwanda, Burundi, Uganda and South Sudan). Established in 1997, EABC
strives for excellence and is the most renowned regional platform for businesses to present barriers to
trade & investments and jointly chart out solutions to ease the cost of doing business, drive growth on
intra-regional trade and investments and advance reforms for a diversified, competitive, export-led,
integrated and sustainable economy in East Africa. EABC’s raison d’être is to seek change in public
policy in order to enhance a conducive environment for business in the EAC.
Website: https://eabc-online.com/

About KAM
Established in 1959, Kenya Association of Manufacturers (KAM) is a representative of manufacturing
and value-add industries in Kenya. The Association has grown into a dynamic, vibrant, credible
Association that unites industrialists and offers a common voice for businesses. We have been front
and center in driving fact-based policy advocacy towards the formation of industrial policies to
strengthen and support the country’s economic development. Through fact-based advocacy, KAM
partners with Government and its associated agencies to ensure a dynamic and flourishing
manufacturing sector in Kenya, to realize a double-digit contribution to GDP.

Website: https://kam.co.ke/

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