On climate change, let’s act fast
A man shows carcasses of his cows that died due to drought in Dabel village, Marsabit County. During campaigns, one area which was rarely considered and yet poses an existential threat to our very survival is climate change.
What you need to know:
- During campaigns, one area which was rarely considered and yet poses an existential threat to our very survival is climate change.
- We missed the opportunity to assess the leaders on what they intend to do to address the threat.
- Smart entrepreneurs would also see business opportunities in the drive for change to a sustainable economy.
We have just come out of a gruelling electioneering period which finally ended with the Supreme Court’s affirmation of President-elect William Ruto’s win.
During the campaigns, voters reviewed the plans and promises of the candidates as they made their decisions on who to cast their ballots for.
One area which was rarely considered and yet poses an existential threat to our very survival is climate change.
We missed the opportunity to assess the leaders on what they intend to do to address the threat.
Smart entrepreneurs would also see business opportunities in the drive for change to a sustainable economy.
There is an urgency to embrace and promote sustainable economic development due to the alarming rate of extreme weather events, impact on vulnerable communities and associated risks on banks’ loan portfolios.
The Intergovernmental Panel on Climate Change, a body of experts constituted by the United Nations, recently cautioned on the need for countries to reduce carbon emissions by approximately 43 per cent by 2030.
Global warming acceleration
Failure to do so would lead to an acceleration of global warming, which will prevent nations from averting an unimaginable catastrophe.
It is worth noting that besides the financial gains to be made from investing in climate-smart solutions, banks that continue to finance clients with products that are deemed environmentally “dirty” will miss new opportunities for growth.
It is imperative for all responsible businesses to actively champion community financial empowerment and environmental sustainability.
If they fail to do so, the financial stability and future sustainability of the next generation will remain uncertain.
The banking industry will continue to refine its frameworks and allocate resources to align with the present needs to ensure the survival of the next generation.
It is encouraging to see that this year, for the first time, the COP27 conference would be held in Egypt, Africa.
Thus, Africa needs her voice to be heard in walking the talk on matters of sustainability for the sake of her future generations.
Dr Habil Olaka is the CEO, Kenya Bankers Association.
