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Sustainable business practices and profits-Private Sector Declaration

Sep 8, 2023
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Businesses across the world are under increased pressure from regulators and the civil society to adopt sustainable business practices to complement the global climate change mitigation efforts.

This has made sustainability a ‘badge of honour’ that every business wants to have, but questions abound whether organisations are doing the most they can to become sustainable even at the expense of profits.

At the Africa Climate Summit (ACS), the Africa Business Leaders Coalition (ABLC) – a group of top business executives working towards sustainable business practices – repeated their commitments made at COP27 in Egypt last year to adopt sustainable practices such as increasing the share of renewable energy use and investing in climate-adaptation solutions.

“We feel as a private sector, we have a role and a responsibility to work together with our governments to deliver on the commitments that the governments have made to the African people,” said James Mwangi, Equity Group CEO and a founding member of ABLC.

Mwangi, who addressed the summit on Wednesday, said private companies on the continent pledge to

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“adopt green and circular business models, designing products that are environmentally friendly, and ensuring integration of sustainability throughout the value chain.”

Executives of private companies who spoke to taarifanews, on the other hand, say they are doing their part to reduce carbon emissions resulting from their pursuit for profit.

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