Africa’s private sector, which accounts for 80% of total production, 67% of investment, and employs 90% of the working-age population, is crucial in addressing global warming. However, the continent faces challenges due to its high levels of social and economic vulnerability. In a statement read on behalf of KEPSA by the Climate Business Information Network Coordinator Ms Faith Ngige, “Through the private sector, Africa has an opportunity to be part of global value chains whilst at the same time establishing resilient continental value chains and supply chains that will support green development. Engaging the private sector to invest in climate action as substantial active implementers and solution providers is essential if we are to accelerate the transformation to low-carbon resilient societies.”

Speaking at the forum, the Regional Principal Regional Officer for climate and green growth at the African Development Bank, lauded the private sector for playing a significant role in climate action through the power of agency in transforming climate finance into solutions using technology, resources and technical know-how. The scale of financing and resources required to tackle climate change is not yet proportionate to the adaptation needs of Africa. There is a need to re-engineer a model for the private sector financing instruments and incentives that fit the needs of Africa.

To enhance adaptation solutions for Africa, local technology is key in ensuring that Africa adapts to the changing climate. It's a zero-sum game to get climate financing only to procure foreign Technologies that do not serve our needs. Africa must ensure that our technologies are utilized for the decarbonization of value chains, Said Eng Ahmed Kamal, Executive Director- Technical and Climate Change Advisor- Federation of Egyptian Industries.

Mr Ekitela Lokaale -Ministry of Foreign and Diaspora Affairs, recalling the Africa Climate Summit Nairobi Declaration, highlighted the readiness of Africa to be a solution to the world and the need to create an enabling environment to unlock the natural resources and decarbonization measures of the global economy.

As Africa experiences rapid urbanization, cities will experience the pressure of rural-urban migration, putting more pressure on service delivery in the cities. This presents an opportunity to adopt green and resilient measures for the cities to make the cities cope with the new dawn, said Nasra Nanda, CEO Kenya Green Building Society.

Dr. Eugene Itua, the CEO, Natural Eco Capital and Facilitator of Circular Economy and Natural Capital, Sustainability Policy Commission, Nigerian Economic Summit Group, implied the role of natural resources in Africa’s Sustainable development and climate change. Natural capital provides the foundation for Africa's contribution to climate action both in the region and globally, and we must harness it to deal with climate challenges.

Sharing on the balance between Industrialization and Africa’s Just Transition, Mr Lulamile Makaula from South Africa’s National Business Initiative, called for the need to ensure inclusion and balance of just transition for procedural justice, distributive justice and restorative justice.

There’s a need to ensure that the green transition does not exuberate inequality or marginalization. Mr. Allen Wallis, Advisor Africa Climate Foundation, reinforced the power of collaboration and partnership between public, private and philanthropy. Going forward, there is a need to harness this synergy for directing climate action in Africa.

Ms Reshma Shah, Director of Sustainability Equity Group, shared the banks' contribution to climate action by supporting members to transition and invest in climate resilience, adaptation and mitigation solutions. There is a need to design financing models that incorporate de-risking measures and mechanisms for capacity building, especially for the farmers and communities.

Ms Valentine Cheruiyot Manager, Environment and Climate Change affirmed Safaricom’s commitment to climate action through diverse strategies including commitment to net zero by 2050, incorporation of circular economy in their operations, solarization of the base stations, use of machine learning and biodiversity and reforestation measures. The meeting brought the private sector from Kenya, Nigeria, South Africa and Egypt.