African Financial Institutions Unite to Safeguard Nature Through "Nature Voices Pledge"
According to the United Nations Environment Programme (UNEP), the estimated annual loss of natural capital in Africa amounts to a staggering $195 billion.
Nairobi, Kenya — In a significant move, some of Africa's largest financial institutions have joined forces to address the pressing issue of conserving and restoring nature, writes Winston Mwale.
This collaborative effort is in response to a biodiversity crisis that threatens the well-being and livelihoods of tens of millions of people across the continent.
The groundbreaking initiative, known as the "Nature Voices Pledge," is being launched by the African Natural Capital Alliance (ANCA), a collaborative membership organization whose collective assets amount to a staggering US$390 billion.
Among its distinguished members are major financial institutions such as Standard Chartered, KCB, Equity Bank, Ecobank, Access Bank, DBSA, Zanaco, FirstRand, Investec, Sanlam, Old Mutual, CalBank, ICEA Lion, and Fidelity Shield.
The "Nature Voices Pledge" commits ANCA's diverse membership, which includes governmental organizations like the Ghana Ministry of Environment, Science, Technology, and Innovation (MESTI) and civil society organizations like the African Wildlife Foundation, to actively support conservation and restoration efforts, integrate nature into their decision-making processes, and promote sustainable financing solutions.
This initiative comes in the wake of mounting evidence indicating that Africa's natural capital, which millions depend on, is rapidly diminishing due to various factors, including overexploitation, overpopulation, land-use changes, and climate change.
According to the United Nations Environment Programme (UNEP), the estimated annual loss of natural capital in Africa amounts to a staggering $195 billion.
The official announcement of the "Nature Voices Pledge" will take place during a Presidential Panel titled "Pioneering the Future of Nature in Africa" at the Africa Climate Summit 2023 on September 5th, 2023.
This event, supported by ANCA, will bring together leaders from various African nations, including the Presidents of Rwanda, the Republic of Congo, and Burundi.
They will engage in high-level discussions concerning the future of nature in Africa, addressing key challenges, opportunities, and policy interventions aimed at promoting nature and biodiversity for sustainable development across the continent.
The "Nature Voices Pledge" encapsulates ANCA's shared commitment to prioritize nature-positive practices and integrate environmental considerations into their core operations.
It underscores three fundamental principles guiding ANCA's dedication to shaping a more sustainable and resilient Africa:
Acknowledging the Importance of Nature
Emphasizing the African Context
Assuming Responsibility
The Pledge also outlines a set of specific actions that ANCA members will undertake to achieve their nature-centric objectives, including supporting nature conservation and restoration, integrating nature into decision-making processes, promoting sustainable financing solutions, enhancing transparency and reporting, supporting the alignment of policies and regulations, and fostering collaboration and knowledge sharing.
Dorothy Maseke, Head of ANCA Secretariat and Lead of Nature Finance at FSD Africa, stated, "This landmark pledge signifies that the members of ANCA are determined to put nature at the heart of decision-making. We must reflect its true value and drive investment into activities that conserve and enhance nature rather than destructive activities for short-term gain."
Kaddu Sebunya, CEO of the African Wildlife Foundation, emphasized the importance of unity in the face of environmental challenges, saying, "We support the Nature Voices Pledge and believe unity is essential to ensure the realization of nature's conservation in Africa for prosperity and future generations."
This commitment by ANCA and its members underscores the urgent need to drive transformative change for a sustainable future in Africa, emphasising the preservation of its natural capital.