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Kenya Private Sector Alliance (Kepsa) has proposed a strategy to promote coordinated and inclusive business climate change responses throughout the sector. Environmental business changes for sustainable development are being promoted by the private sector lobby.
In collaboration with the National Treasury and Planning, the Ministry of Environment and Forestry, and the Food and Agriculture Organization of the United Nations (FAO), the Kenya Private Sector Strategy on Climate Change Solutions (2022–30) will be put into action.
The program currently serves as the foundation for private sector-driven climate change decisions and represents the sector’s first move toward increasing climate change mitigation and adaptation through investment, awareness generation, and resource allocation to battle climate change for business sustainability.
The assets, operations, and supply chains of the private sector expose it significantly to climate risk, according to KEPSA Deputy CEO Martha Cheruto.
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She added that there are many reasons to invest in climate risk management, both to protect itself and to take advantage of new business opportunities brought on by the changing environment.
“The strategy identifies actions that the private sector will take between 2022 and 2030 in contributing to the achievement of the government climate change targets and is positioned to be Kenya’s Business Commitment to Climate Action(B2CAK) for both Corporates and SMEs”, Cheruto said.
She noted that the private sector now has a clear agenda for addressing climate change concerns, not only by mobilising cash and technical resources but also by innovating and inventing solutions to mitigate climate change risks and efficiently allocating resources toward national climate and development priorities.
The country as a whole has recently experienced significant socioeconomic effects, according to Hamisi Williams, FAO Kenya’s deputy representative. The occurrences also continue to hinder economic growth while increasing the costs associated with drought, flooding, habitat loss, biodiversity in plant and animal resources, and hazards to coastal areas from continuous sea level rise.
Williams said that more than 4.5 million Kenyans are currently at extreme risk of starving due to climate change, with more than 2.5 million animals already having perished from hunger.
“Kenya, therefore, needs to change its approaches by investing in technology in building the necessary ecosystem to help mitigate these two effects of climate change, including for the first time after 70 years, the locust infestation in 2019-2022, which was further worsened by the Covif-19 pandemic,” he said.
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