Kenyan business leaders have called on their African counterparts to adopt policies that will ensure continental intra-trade is sustainable and enterprises turn profitable in the long term.
This comes as trade within the continent is expected grow with the coming of the African Continental Free Trade Area (AfCFTA).
“Trade itself has a very huge carbon footprint because it is about movement and the consumer has also not been fully responsible for sustainability and essentially the wealth generated by trade has not evenly distributed as result we have jeopardized sustainability from a social perspective,” said Dr James Mwangi, Equity Group Chief Executive Officer during the COP28 Sustainable Trade for Africa event in Dubai, United Arab Emirates.
According to Dr Mwangi, banks which play a significant role in facilitating trade through financing ought to ensure trade is done without compromising the future, thus the bank has committed to cut carbon footprint within the institution and in the trade value chain.
According to United National Conference on Trade and Development (UNCTAD), AfCTA could see intra trade rise to an estimated 33pc of total exports by 2045.
“When it comes to making sure that businesses are sustainable and that are scalable in various markets, it’s not a 100m dash, it is actually a marathon,” added Shaka Kariuki, Chairman TransCentury Group.
The event was held in a bid to brings collaborations for development of innovative solutions and attract green investments across diverse sectors.