The private sector can play a critical role in fighting climate change in the world, Dahabshiil Group Chief Executive Officer Abdirashid Duale says.
Speaking on the day COP 28 summit commenced in Dubai, Duale said: “I was so happy to hear King Charles III emphasize the critical role of the private sector in fighting climate change.”
Dahabshiil invests in financial services, clean energy, and sustainable food resources in more than 120 countries worldwide, including some of those worst affected by climate change.
In his speech, King Charles, who recently visited Kenya, touched on the drought in East Africa, the worst in a generation.
This is a region where the Dahabshiil network offers lifeline services and where its infrastructure has been damaged by heavy rains, floods, droughts, and other extreme weather conditions exacerbated by climate change.
Duale said governments need to offer a more enabling environment for the business community to adopt and promote climate change strategies.
“Most of the money needed to finance the energy transition is going to come from private sources. Cop28 needs therefore to find new ways for policymakers to unlock that finance and get countries on track to meet their net-zero pledges,” said the Dahabshiil CEO.
Duale said he is on the same page as King Charles when it comes to the collaboration between governments and the private sector as the key solution in fighting climate change across the world.
“As the British King said in his speech in Dubai, “Public finance alone will never be sufficient. But with the private sector at the table, we can mobilize the trillions of dollars we need.”
Duale added that the role of the diaspora cannot be ignored too.
“We must recognize the diaspora’s role in driving positive change for climate action and environmental sustainability. It not only offers life-saving support in the form of remittances; diaspora investment is key to establishing climate-friendly businesses in hard-hit regions like the Horn of Africa.”
Duale said the creation of job opportunities in these regions would also help reduce migration.
He emphasized the role of science and technology in reducing the impact of climate change, including the harvesting of rainwater in drought-affected areas. Local innovation can be supported and sustained with financing from the diaspora via remittances provided by compliant companies like Dahabshiil.
“Dahabshiil plays a vital role in empowering communities in the Horn of Africa by setting up microfinance institutions to help small-scale business people, including those, and on the other hand, has been supporting cheap energy for businesses to reach off-grid rural communities with low-cost, clean energy products and services. Our people in the Horn of Africa should forge new ways of food production, such as fishing, in order to address and avert the famine in 2022, which decimated the livestock and the current climate-induced severe shocks in the country”, he said
The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, is the 28th United Nations Climate Change conference, being held from November 30 to December 12, 2023
