In a powerful show of commitment to sustainable development, senior leaders from the financial and business sectors convened today at an executive roundtable themed “Accelerating Sustainable Finance for Africa Through Mobilising Local Private Capital.”
The event was co-hosted by Global Compact Network Kenya, the Principles for Responsible Investment (PRI), FSD Africa Investments (FSDAi) and the East Africa Venture Capital Association (EAVCA). Together, we share a common vision- to explore and catalyze actionable strategies for financing a more sustainable and inclusive African future.
Set against the backdrop of global and regional challenges, from the escalating impacts of climate change and biodiversity loss to growing inequality and shrinking international aid, we agreed that the urgency to accelerate sustainable finance has never been greater.
The UN estimates that achieving the Sustainable Development Goals (SDGs) by 2030 will require between $3 trillion and $5 trillion annually. In Africa alone, the financing gap is an additional $194 billion each year-about 7% of the continent’s GDP.
Throughout the discussions, participants emphasized that the private sector and investment community have a critical role to play in driving inclusive and sustainable economic growth.
Judy Njino, Executive Director of Global Compact Network Kenya, underscored the importance of unlocking local capital to drive impact at scale adding that we need more capital, bold innovation, and stronger partnerships to drive meaningful and lasting sustainable outcomes.
David Atkin, Chief Executive Officer of the Principles for Responsible Investment (PRI), emphasized that PRI believes an economically efficient and sustainable global financial system is essential for long-term value creation. Such a system, he noted, rewards responsible, long-term investment while delivering lasting benefits to society and the environment.
Echoing this call to action, Andy Baker, FCDO Kenya Representative, noted, “We must see sustainability not as a constraint but a catalyst.” His remarks served as a rallying call to shift mindsets and unlock the transformative potential of sustainable finance in Africa.
Highlights from the Roundtable
There was broad agreement on the need to foster collaboration between businesses, investors, and development actors. Such partnerships are essential for unlocking more funding to support sustainable development.
While science and research have played a crucial role in diagnosing challenges, participants emphasized the need to shift toward practical, real-world financial solutions that address issues on the ground.
There is a growing demand for financial instruments, such as green bonds and impact investments, that offer competitive returns while directly supporting SDG-related projects.
As the world approaches the 2030 SDG, the message was clear, Africa has the potential and the responsibility, to lead in shaping a resilient, inclusive future through sustainable finance