The Private Sector ESG Forum has concluded its 2024 event with a call for private sector leaders across Africa to leverage the carbon market to drive investment for a greener and more inclusive future.
The event, focused on the theme “The Carbon Market: Driving Investment for a Sustainable Africa,” and attracted business leaders, policymakers, and sustainability experts aiming to address Africa’s unique environmental and economic challenges.
The Managing Director of British American Tobacco (BAT) West & Central Africa, Yarub Al-Bahrani, speaking at the forum highlighted the private sector’s role in addressing climate concerns.
“Africa stands at the crossroads of unprecedented opportunity and pressing environmental challenges,” Al-Bahrani said.
“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.”
Representing Lagos State Governor Babajide Sanwo-Olu, Dr. Oreoluwa Finnih, Special Adviser on Sustainable Development Goals, outlined Lagos State’s initiatives to advance environmental, social, and governance (ESG) goals.
“Lagos state recognizes the importance of ESG principles in driving a green and resilient economy,” said Dr. Finnih.
She noted that the state has launched projects such as waste-to-energy programs and established a carbon registry to track carbon offsets, all part of its commitment to transparency and sustainability.
The Chief Executive Officer (CEO) of the Africa Carbon Market Initiative, Paul Muthaura, in his keynote address emphasized that the carbon market presents African businesses with a chance to align investment and environmental goals.
“The carbon market is a tool that enables us to harness our rich natural resources while driving investments that empower communities and protect our environment,” Muthaura said.
Panel discussions throughout the day addressed the carbon market’s role in sustainable growth, including financing challenges and potential benefits for African businesses.
Participants examined financing mechanisms and business models that support decarbonization while creating economic value.
Among the forum’s speakers were Dr. Innocent Bariate Barikor, Director General of the National Environmental Standards and Regulations Enforcement Agency (NESERA); Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN); and Titilayo Oshodi, Special Adviser on Climate Change for Lagos State.
The forum also launched a Young Professional Mentorship Programme, aimed at fostering a new generation of sustainability advocates. “This program is a transformative step towards empowering the next generation of young sustainability leaders,” said Odiri Erewa-Meggison, Director of External Affairs at BAT WCA and Chair of the ESG Forum Technical Committee.
Attendees at the event pledged to integrate sustainable practices in their operations, in line with ESG principles, and to build greater accountability across sectors.
