Baku, Azerbaijan, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The Africa Business Leaders Coalition (ABLC), a CEO-led initiative of the United Nations Global Compact, today unveiled its 2024 Climate Report at COP29, spotlighting the strides made by Africa's private sector in addressing the continent's climate challenges. Presented as part of the high-level Caring for Climate event, the report showcases significant advancements in climate finance, renewable energy, adaptation and resilience efforts, in addition to strategies for a just transition to a green economy.

Founded in 2022, the ABLC empowers African business leaders to unite and amplify their collective voice on critical issues including climate action and gender equality. The 2024 Climate Report outlines achievements made since COP27 in Sharm El-Sheikh, assessing member progress toward ambitious climate commitments. This year's COP29 event highlights the ABLC's steadfast commitment to sustainable development and reinforces Africa's leadership role in global climate solutions.

Key Highlights from the ABLC 2024 Climate Report based on responding members include:

$4.8 Billion Devoted to Climate Action: Over the past two years, ABLC members collectively committed $4.8 billion towards climate initiatives. Of this, financial services members of ABLC allocated $3.9 billion specifically for financing climate-related initiatives, with an additional $896 million invested by ABLC members from various industries towards their climate action efforts.

20% of Members Pursued External Funding: Only 20% of ABLC members sought external climate finance. Members cited a lack of information about available financing options, potential structuring, and suitable suppliers as the primary reasons for not seeking external funding. 28% of Total Energy Used in 2024 from Renewable Sources: Renewable energy as a percentage of total energy utilized by ABLC members increased by 8 percentage points between 2023 and 2024 to 28%.This represents a significant increase in renewable energy usage. ABLC member efforts contribute to the continent-wide goal of sourcing 27% of energy from renewable sources by 2030 as set by the IEA. Responding ABLC members have set an even higher target to achieve a 50% renewable energy mix on average by 2030. This demonstrates the ABLC's leadership and scale in advancing climate progress on the continent. 

26 of 35 Surveyed Members Assessed Climate Risk: In 2024, the number of ABLC members conducting climate risk assessments increased significantly from 20 to 26, a 30% rise. This surge underscores the growing awareness of climate-related risks among members. Moreover, 7 additional companies planned to complete a climate risk assessment by next year, which would bring completion to 94% of those surveyed. However, it also highlights a vital area for growth: enhancing climate adaptation and resilience efforts across the organization.

Sanda Ojiambo, CEO and Executive Director of the UN Global Compact speaking during the progress report launch said: "We are inspired by the leadership of African business leaders who are committed to creating tangible, measurable climate progress across the continent. The 2024 Climate Report highlights the ABLC's journey to scale climate solutions, promote renewable energy, and champion resilience for Africa's future. We call on the global community to strengthen support for Africa's sustainable development pathways." 

The ABLC's presence at COP29 underscores Africa's pivotal role in addressing climate change and promoting sustainable growth. By sharing insights, challenges, and successes, the ABLC seeks to inspire further collaboration across African businesses and international partners, positioning the continent as a leader in climate resilience and sustainable development. As COP29 sets the stage for COP30 in Brazil, the ABLC reaffirms its commitment to achieving measurable climate progress.

The ABLC is committed to accelerating Africa's and the world's capacity to address climate change, effecting impact through members' operations, supply chains, and influence. The ABLC calls on the private sector to join it in ambitious action, while at the same time engaging with Governments, regulators, policymakers, NGOs and other stakeholders to collaborate to scale climate action. In a call on the international community, the Coalition strongly urges global cooperation to meet Africa's climate finance needs.

Join the ABLC on its climate action journey by reaching out to ablc@unglobalcompact.org

Notes to Editors

This analysis leverages data from two voluntary climate surveys conducted in 2023 and 2024, completed by 45 out of 58 members in 2023 and 35 out of 66 members in 2024, respectively. The above statistics reflect the information provided by the responding members to the survey. All data is independently collected and self-reported by companies, and the UN Global Compact is not responsible, or liable to any third party, for the content or accuracy of the data submitted by ABLC Member organizations. 

About the Africa Business Leaders Coalition (ABLC)

The Africa Business Leaders Coalition (ABLC) is a growing private sector initiative emanating from the UN Global Compact Africa Strategies from 2021-2023 and 2024-2025 committed to advancing sustainable growth, prosperity, and development in Africa by bringing measurable impact to its most pressing issues. The ABLC has two primary focuses, committing to ambitious action on climate action and gender equality. ABLC is a CEO and Board Chair-led coalition representing 69 member companies with operations across 51 countries in Africa, with a total of $165B+ USD in annual combined revenues and ~1 million employees. The ABLC works closely with the UN Global Compact Hub in Abuja, Nigeria and 10 African Country Networks and 4 Expansion Countries operating across Africa. 

About the UN Global Compact

The ambition of the UN Global Compact is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the SDGs through accountable companies and ecosystems that enable change. With more than 20,000 participating companies, 5 Regional Hubs, 62 Country Networks covering 78 countries and 14 Country Managers establishing Networks in 20 other countries, the UN Global Compact is the world's largest corporate sustainability initiative - one Global Compact uniting business for a better world.

CONTACT: United Nations Global Compact

(212) 907-1301

media@unglobalcompact.org