WEBVTT 1 00:00:00.000 --> 00:00:01.251 - Dr. James Mwangi, Patrick, welcome. 2 00:00:01.251 --> 00:00:02.544 Patrick, to you first, 3 00:00:02.544 --> 00:00:05.130 what's the role of financial institutions? 4 00:00:06.172 --> 00:00:07.590 - There are basically three roles 5 00:00:07.590 --> 00:00:08.967 of financial institutions 6 00:00:08.967 --> 00:00:11.094 in the fight against climate change. 7 00:00:11.094 --> 00:00:13.430 The first one is climate finance. 8 00:00:13.430 --> 00:00:16.099 It's to fund projects like green energy projects, 9 00:00:16.099 --> 00:00:19.561 food projects, adaptation projects that we need 10 00:00:19.561 --> 00:00:21.521 in the fight against climate change. 11 00:00:21.521 --> 00:00:24.566 The second one is financial inclusions. 12 00:00:24.566 --> 00:00:27.360 How do we make sure the most vulnerable populations 13 00:00:27.360 --> 00:00:30.196 have access to banking services and can invest, 14 00:00:30.196 --> 00:00:32.157 for example, smallholder farmers. 15 00:00:32.157 --> 00:00:36.494 And then as anyone else, banks, financial institutions, 16 00:00:36.494 --> 00:00:38.246 need to show the examples, 17 00:00:38.246 --> 00:00:40.373 need to decarbonize their own value chain, 18 00:00:40.373 --> 00:00:41.541 and they need to show the examples 19 00:00:41.541 --> 00:00:44.627 with their suppliers and their customers. 20 00:00:44.627 --> 00:00:46.588 And this is something on which Equity Bank 21 00:00:46.588 --> 00:00:48.506 has been a leader. 22 00:00:48.506 --> 00:00:50.300 - Dr. James Mwangi, tell me what is Equity Group doing 23 00:00:50.300 --> 00:00:52.427 to achieve its sustainability goals? 24 00:00:52.427 --> 00:00:54.471 What are your future strategies? 25 00:00:54.471 --> 00:00:55.305 - Thank you very much. 26 00:00:55.305 --> 00:00:57.474 We have looked at sustainability 27 00:00:57.474 --> 00:00:59.934 and our role in three perspectives. 28 00:00:59.934 --> 00:01:01.478 The first one is option one, 29 00:01:01.478 --> 00:01:06.483 where we really look at decarbonizing our entire systems. 30 00:01:06.983 --> 00:01:08.818 And there we have done very well. 31 00:01:08.818 --> 00:01:10.820 Kenya, fortunately, for instance, 32 00:01:10.820 --> 00:01:15.283 has 93% green energy from the grid. 33 00:01:15.283 --> 00:01:16.868 And then we have gone to remove 34 00:01:16.868 --> 00:01:19.370 our things like generators. 35 00:01:19.704 --> 00:01:22.874 The biggest challenge is not even option two, 36 00:01:22.874 --> 00:01:24.042 where we are now looking at 37 00:01:24.042 --> 00:01:26.419 our entire value chain, our suppliers, 38 00:01:26.419 --> 00:01:28.379 there we can put conditions. 39 00:01:28.379 --> 00:01:32.008 It's what my colleague said about the customer base. 40 00:01:32.008 --> 00:01:35.428 How do we ensure the entire ecosystem 41 00:01:35.428 --> 00:01:38.807 is empowered to play the active role? 42 00:01:38.807 --> 00:01:42.018 And as he said, three financing options. 43 00:01:42.018 --> 00:01:45.438 The first one is really to finance projects 44 00:01:45.438 --> 00:01:47.482 that are greening the world. 45 00:01:47.482 --> 00:01:50.902 The second one is to help those in the frontline 46 00:01:50.902 --> 00:01:52.529 to mitigate and adapt. 47 00:01:52.529 --> 00:01:54.447 So they need financing. 48 00:01:54.447 --> 00:01:57.784 And the last one is to ensure financial inclusion. 49 00:01:57.784 --> 00:02:01.955 Nobody is left behind as we take this move. 50 00:02:01.955 --> 00:02:04.165 - Dr. James Mwangi, what role does the international community 51 00:02:04.165 --> 00:02:08.586 have to play in supporting an African-led climate action? 52 00:02:08.586 --> 00:02:10.088 - Climate has no boundaries. 53 00:02:10.088 --> 00:02:11.339 We are in this together. 54 00:02:11.339 --> 00:02:15.552 It's either we perish together or we swim together. 55 00:02:15.552 --> 00:02:19.180 And consequently, a continent like Africa, 56 00:02:19.180 --> 00:02:22.642 that is disadvantaged in many aspects 57 00:02:22.642 --> 00:02:27.355 because of the impact climate has had in it 58 00:02:27.355 --> 00:02:29.691 and particularly the small-scale farmers, 59 00:02:29.691 --> 00:02:33.736 international community needs to play a financing, 60 00:02:33.736 --> 00:02:36.239 an operating, and catalytic role 61 00:02:36.239 --> 00:02:38.992 to ensure Africa catches up 62 00:02:38.992 --> 00:02:40.869 and plays its rightful role. 63 00:02:40.869 --> 00:02:43.163 The conservation and preservation, 64 00:02:43.163 --> 00:02:46.583 for instance, of the Congo Basin Forest, 65 00:02:46.583 --> 00:02:51.588 is very critical to ensure we maintain the carbon sinks 66 00:02:51.671 --> 00:02:55.341 and that Africa continues 67 00:02:55.341 --> 00:02:59.095 to develop without emissions. 68 00:02:59.095 --> 00:03:00.805 - Patrick, what's your perspective? 69 00:03:00.805 --> 00:03:03.474 - Well, the international community promised 70 00:03:03.474 --> 00:03:05.852 14 years ago in Copenhagen 71 00:03:05.852 --> 00:03:09.105 to deliver a hundred billion dollars every year 72 00:03:09.105 --> 00:03:12.650 of capital flow into the Global South, 73 00:03:12.650 --> 00:03:14.319 I would say in, emerging markets, 74 00:03:15.278 --> 00:03:16.446 to fight against climate change, 75 00:03:16.446 --> 00:03:18.323 both mitigation and adaptation. 76 00:03:18.323 --> 00:03:19.490 Well, this has not happened. 77 00:03:19.490 --> 00:03:20.658 So I think the first thing, 78 00:03:20.658 --> 00:03:22.327 and this is maybe for the first year 79 00:03:22.327 --> 00:03:25.079 that we will get close to the a hundred million, billion. 80 00:03:25.079 --> 00:03:26.039 So I think the first thing 81 00:03:26.039 --> 00:03:28.041 the international community should do 82 00:03:28.041 --> 00:03:30.210 is just to live its promises 83 00:03:30.210 --> 00:03:33.296 and to deliver on this a hundred billion promise. 84 00:03:33.296 --> 00:03:35.006 And actually we will need to increase 85 00:03:35.006 --> 00:03:37.383 through loss and damage, through other funds, 86 00:03:37.383 --> 00:03:39.052 because the reality of climate change 87 00:03:39.052 --> 00:03:41.512 is that the most impacted areas 88 00:03:41.512 --> 00:03:44.390 tends to be localized in the South. 89 00:03:44.390 --> 00:03:46.184 - Patrick, Dr. James Mwangi, thank you so much.