Dr. Edward Mungai

This year, more than ever, Africa needs to embrace sustainability as a core principle for its growth and prosperity. 

Developing and developed countries alike have embraced the tradition of keeping products in a cycle within the market, notably through means like thrifting. This practice has experienced a surge in popularity with the increasing awareness of the impacts of ethical and sustainable materials and products. As society grapples with the consequences of linear production and consumption models, the circular economy has emerged as a crucial paradigm for addressing environmental concerns and promoting sustainable practices.

A groundbreaking feature of COP 28 is the initiation of the first-ever global stocktake on climate progress. This introspective moment provides the world with an opportunity to collectively evaluate the efficacy of our efforts thus far.

Investors, asset managers, and financial institutions are progressively factoring in ESG criteria when making investment decisions, aligning financial strategies with ethical imperatives. This holistic approach not only aligns with ethical imperatives but is also seen as a strategic move with the potential for long-term financial benefits.

The UN Global Compact, a call to action for companies to align their operations with universal sustainability goals, mandates its members to implement sustainable practices throughout their supply chain. This encompasses protecting the environment, championing social responsibility, and operating transparently with robust governance mechanisms.

ethical sourcing and sustainable procurement have emerged as critical factors in achieving business success. Prior to entering agreements with consumers, businesses need to  conduct thorough assessments, develop comprehensive codes of conduct and extensively provide training programs to ensure they meet ethical standards.

What sets COP 28 apart is its significant focus on the completion of the first-ever global stock take of the Paris Agreement, initiated in 2022. This comprehensive assessment will consider both retrospective and forward-looking elements. Additionally, COP 28 will be the first of its kind to include expanded stakeholder engagement, encompassing high-emission sectors and private sector oil and gas organizations.

There are 3 complex pillars that are essential for companies to be sustainable corporate actors: The environmental, the social, and the economic pillars. 

The exploration of renewable energy export would offer a multitude of advantages. Firstly, it would bolster energy security by diversifying energy sources and markets, reducing reliance on fossil fuels and enhancing grid reliability.

Effective stakeholder engagement can help organisations improve understanding and decision making as well as overall governance and organisational effectiveness. Acknowledging and affording stakeholder groups a meaningful voice provides some checks and balances, creating a productive two-way dialogue with those impacted by and contributing to a policy. Hence, increases a sense of participation and belonging, and improves democratic accountability.