Posted on November, 2, 2022 at 01:31 am
Kenya's umbrella body of the private sector, the Kenya Private Sector Alliance (KEPSA), on Tuesday launched a United Nations (UN) backed strategy to promote climate change solutions.
Martha Cheruto, deputy chief executive officer (CEO) of KEPSA, said in Nairobi, Kenya's capital that the Private Sector Strategy on Climate Change (2022-2030) is anchored on four pillars of climate change mitigation ambition, climate change adaptation and resilience, climate information and capacity building as well as public-private partnerships (PPPs) for climate solutions.
"The strategy outlines methods to promote awareness of climate change in the private sector and build capacities of enterprises on the existing and potential impacts of climate change and the business case for climate adaptation and mitigation," Cheruto said.
She revealed that the plan will seek to expand the country's climate-related assets portfolios by seeking resources and funding from within the sector, international financial institutions, development partners, and bilateral and multilateral institutions.
Cheruto said the strategy also prioritizes private enterprises vulnerable to the impacts of climate change including small and medium enterprises.
She added that engaging the private sector in climate action as implementers is essential if Kenya is to accelerate the transformation to a low-carbon development pathway.
"Private entities dominate many decisions key to adaptation, for example, the location and design of roads, buildings, and other infrastructure investments, agricultural research on drought-resistant seeds, development of adaptive technologies in all sectors and dissemination of adaptation products and services," Cheruto said.
Williams Hamisi, assistant representative for the Food and Agriculture Organization of the United Nations (FAO) in Kenya, said the UN agency provided technical and financial support for the development of the strategy.
"The strategy is a guide for Kenya's private sector to invest and implement climate change solutions in their businesses," Hamisi said.
He noted that the strategy will also enhance communication, coordination, and tracking of resources while promoting investments in climate change actions by the private sector.
Source: Xinhua