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The Africa ESG Forum 2024

Oct 21, 2024 - Oct 22, 2024 | Hybrid

The African Development Bank (AfDB), with the support of the Multilateral Cooperation Center for Development Finance (MCDF) and Making Finance Work for Africa (MFW4A) Partnership, organized the Africa ESG Forum 2024 with the theme “Building a Sustainable Finance Ecosystem for Africa: A Collaborative Approach for ESG Disclosure.” This hybrid event (which took place in the Sofitel Hotel, Abidjan, Cote d'Ivoire, and online) was held on October 21–22, 2024. 

Presentation Slides are Available HERE

Visit our LinkedIn page for highlights

The event was structured as follows:

  • Day 1: Project Launch and Stakeholder Engagement
    • Welcome and opening remarks, keynote address, project overview, panel discussions, interactive workshops, and evening reception.

Watch the Day 1 recording below:

 

  • Day 2: Strategic Planning
    • Recap of Day 1, panel discussions, stakeholder feedback session, finalization of action plans, and closing reception.

Watch the Day 2 recording below:

 

Introduction:

As environmental, social, and governance (ESG) issues continue to shape investment decisions globally, Africa is facing a critical juncture in its development path. The continent must now leverage ESG principles to build sustainable finance ecosystems that align with global best practices while addressing its unique social, environmental, and economic challenges. The Africa ESG Forum is a pioneering event that seeks to catalyze collaboration, innovation, and knowledge sharing on ESG issues across the continent. It is envisaged that the forum will become a periodic event that will serve as an avenue for sustained conversation on topical ESG matters among development partners in the continent in subsequent years. 

The Africa ESG Forum 2024 was the inaugural event, establishing a platform for stakeholders to converge on the critical issue of ESG disclosure. The event’s theme, “Building a Sustainable Finance Ecosystem for Africa: A Collaborative Approach for ESG Disclosure," reflected the need to develop capacity to support the continent’s sustainable growth and ensure transparency in ESG performance.

Objective:

The objective of the Africa ESG Forum 2024 was twofold:

  1. Launch Stakeholder Outreach for the ESG Information Disclosure Hub Project: This outreach would kick-start consultations that are vital for the creation of a centralized platform dedicated to ESG disclosure. The Hub would serve as an information exchange, supporting companies, investors, and governments in disclosing ESG data and facilitating adherence to global standards.
  2. Convene Key Stakeholders: The Forum brought together government officials, regulators, investors, businesses, international development partners, and civil society to discuss the future of ESG in Africa, focusing on how the continent can build a sustainable finance ecosystem that aligns with international frameworks but remains tailored to the African context.

Background and Justification:

The role of ESG in investment has grown exponentially, with investors increasingly seeking to allocate capital toward companies and initiatives that prioritize sustainable practices. However, in Africa, ESG disclosure remains fragmented, with varying levels of adoption across countries and sectors. Without a cohesive approach to ESG disclosure, the African market risks being excluded from global capital markets that are increasingly prioritizing sustainability.

This forum was a key step toward building consensus and collaboration among stakeholders, laying the foundation for a centralized Africa ESG Information Disclosure Hub. The Hub would promote transparency, facilitate investor access to ESG data, and support the integration of ESG into the core strategies of African businesses.

Watch a short video Summary Recording below:

Expected Outcomes:

  1. Increased Stakeholder Engagement: Establish stronger relationships with key ESG stakeholders in Africa, including governments, investors, businesses, and development partners.
  2. Development of the ESG Information Disclosure Hub: Begin consultations and gather input from stakeholders on the design, scope, and functionality of the Hub.
  3. Promote ESG Best Practices: Enhance understanding of international ESG standards and how they can be adapted to the African context.
  4. Strengthen ESG Collaboration: Lay the foundation for future Africa ESG Forums, creating an ongoing dialogue around key ESG issues across the continent.
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