Ojiambo: Sustainability will shape business resilience going forward

85 African insurance companies have pledged $14 billion as part of the launch of the African climate risk facility to protect communities against floods, droughts, and tropical cyclones. This significant commitment was announced at the ongoing COP27 summit, highlighting a shift towards innovative strategies to navigate the challenges posed by global warming. CNBC Africa recently interviewed Sanda Ojiambo, CEO of the UN Global Compact, to discuss the key themes and outcomes of the conference. Ojiambo emphasized the importance of adaptation, resilience, and climate finance in addressing climate change, particularly in the context of the African continent's vulnerability to the climate crisis. The summit has showcased a growing collaboration between the private sector and governments in mobilizing resources and driving sustainable solutions. With a focus on promoting private sector-led initiatives, the discussion also touched upon the urgency of maintaining the momentum towards achieving net-zero emissions and limiting global warming to 1.5 degrees Celsius. Ojiambo stressed the need for greater engagement from heavy-emitting industries and emphasized the role of businesses in advancing climate action. As the conference progresses, the spotlight remains on exploring avenues to bridge funding gaps, enhance climate resilience, and accelerate the transition to a sustainable future.