The private sector have been urged to leverage the carbon market as a catalyst for investment, helping to propel a greener and more inclusive future for Africa.
The call was made at the 2024 edition of the Private Sector Environmental, Social, and Governance (ESG) Forum, a leading platform promoting sustainable business practices across Africa.
Held in Lagos under the theme “The Carbon Market: Driving Investment for a Sustainable Africa,” this year’s forum brought together prominent business leaders, policymakers, and sustainability experts to explore how the carbon market can unlock transformative opportunities for the continent.
The Managing Director of BAT West & Central Africa, Yarub Al-Bahrani, in his welcome address, emphasised the private sector’s crucial role in addressing the climate crisis and driving sustainable development.
He noted that Africa stands at the intersection of unprecedented opportunity and pressing environmental challenges.
Al-Bahrani highlighted that as the world transitions to a low-carbon economy, the carbon market offers Africa a unique opportunity 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.
The Lagos State Governor Babajide Sanwo-Olu, represented by the Special Adviser to the Lagos State Government on Sustainable Development Goals (SDG), Dr. Oreoluwa Finnih, reaffirmed the state’s commitment to sustainability and sound governance practices.
According to him, Lagos State recognises the importance of ESG principles in fostering a green and resilient economy.
He mentioned the state’s efforts in advancing ESG priorities, such as pioneering waste-to-energy projects that convert solid and liquid waste into renewable energy sources, and establishing the Lagos carbon registry.
Sanwo-Olu further emphasised the state’s commitment to transparency through public-private partnerships in areas like infrastructure, healthcare, and waste management, which aim to reduce bureaucratic delays and improve citizen access to services.
The Chief Executive Officer of Africa Carbon Market Initiatives, Paul Muthaura, expressed the need for collaborative action to drive sustainable development.
He described the carbon market as an opportunity for African businesses, characterising it as a tool that harnesses the continent’s rich natural resources while driving investments that empower communities and protect the 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 said.
The forum featured a series of insightful panel discussions exploring the impact of climate change on African businesses, financial challenges and solutions for decarbonisation projects, and the intricacies of the carbon market and carbon credits.
Speakers shared valuable insights on how companies can navigate the risks and seize the opportunities presented by climate change, along with innovative financing mechanisms and business models to make decarbonisation more viable and attractive to investors.
A key 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 in ESG.
Director of External Affairs at BAT WCA and Chairman of the ESG Forum Technical Committee, Odiri Erewa-Meggison, described the programme as a transformative step toward empowering the next generation of 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. Together, we can cultivate innovative solutions that will shape a sustainable future for our continent,” she said.
The forum underscored the responsibility of the private sector, policymakers, and broader stakeholder communities to integrate sustainable practices into their operations and strategies.
