Jun 03, 2024

Reflecting on the Bridging Africa-Europe SDG Investment Summit

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Reflecting on the Bridging Africa-Europe SDG Investment Summit

The UNDP FC4S Secretariat had the honor of participating in the Bridging Africa-Europe SDG Investment Summit from 3 – 5 June 2024 in Kenya. Engaging in profound discussions on mobilizing private capital towards the Sustainable Development Goals (SDGs) in Kenya and across Africa was a truly enriching experience.

The summit was a remarkable showcase of SDG-aligned enterprises in Kenya such as the Kenya Private Sector Alliance, Kenya Association of Manufacturers, and the Africa Venture Philanthropy Alliance (AVPA), as well as government representatives, including Cabinet Secretary Prof. Njuguna Ndung’u. This diverse array underscored the essential contribution of various associations and the government in driving capital flows towards impactful enterprises.

The African region, and especially Kenya, Nigeria and Rwanda, is rapidly emerging as a global leader in sustainable finance innovations, putting them at the forefront of creating solutions that benefit the entire planet. Discussions at the summit emphasized the critical need for an enabling environment for SDG investments, showcasing successful case studies and innovative financial mechanisms. It was clear that collaborative efforts between the private sector, government, and non-profit organizations are vital for unlocking Africa’s sustainable finance potential.

The FC4S team was represented by Stephen Nolan, Managing Director of UNDP FC4S, Oscar Njuguna, CEO of the Nairobi International Finance Center and Co-chair of the UNDP FC4S network, and Kennedy Mmasi, UNDP SDG Investment Lead.

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Stockholm Green Digital Finance is a not-for-profit organization, whose mission is to accelerate sustainable finance and investment through fintech innovations. It serves as an independent innovation platform and test bed to demonstrate creative solutions for scaling green finance and investment.

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Finance for Tomorrow is the branch of Paris EUROPLACE launched in June 2017 to make green and sustainable finance a key driving force in the development of the Paris Financial Centre and to position it as a leading financial hub on these issues.

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U.S. Alliance for Sustainable Finance (USASF) was established in December 2018, and is based in New York City. The Alliance works to encourage more climate-friendly and sustainable finance innovation across the U.S. capital markets.

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Mongolian Sustainable Finance Association (MSFA) was founded by the Mongolian Bankers Association in December 2017 to promote sustainability and green growth by creating a green financing system and assisting Mongolian finance and business sectors to adopt activities that benefit both the environment and the society. MSFA network consists of all 15 banks operating in Mongolia.

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Borsa Italiana, Forum per la Finanza sostenibile (FFS-ItaSIF) and Federazione Banche Assicurazioni e Finanza (FeBAF) set up ESGeneration Italy in 2021. This initiative moves in continuity with the commitment that characterizes the work of Borsa Italiana, ItaSIF and FeBAF in terms of sustainability and in the wake of the works concluded in 2019 by the Observatory on Sustainable Finance at the Ministry of the Environment.

www.esgenerationitaly.it

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In 2018, the Green Finance Cluster Frankfurt of the Ministry of Economic Affairs for Hesse and Deutsche Börse’s Accelerating Sustainable Finance Initiative merged under the name Green and Sustainable Finance Cluster Germany (Cluster). The Cluster brings together the activities of the various stakeholders – financial institutions, investor groups, politicians and members of the public – in a network-like structure.

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Abidjan is currently represented by the Ministry of Economy and Finance of Cote d’Ivoire; upon its launch, Abidjan International Financial City will take over this role. The Ministry is being supported by a high-level public-private working group that is working on a sustainable finance roadmap for Cote d’Ivoire.

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Abu Dhabi Global Market (ADGM) is an international financial centre located in the capital city of the United Arab Emirates. It is composed of three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority. ADGM governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.