Safaricom Joins UN Global Compact’s Forward Faster Initiative

21 September 2023

The initiative aims to accelerate private sector action towards achieving the Sustainable Development Goals

Nairobi, 21st September 2023…. – Safaricom (NSE: SCOM)  has joined the UN Global Compact’s Forward Faster initiative that aims to accelerate private sector action to deliver on the 17 Sustainable Development Goals (SDGs) and meet the 2030 Agenda.

The initiative calls on business leaders everywhere to take measurable, credible, and ambitious action in areas that have the power to accelerate progress across all the 17 SDGs and where the private sector can collectively make the biggest, fastest impact by 2030. The initiative highlights SDGs on Gender, Climate Action, Living Wage, Water Resilience and Finance and investment. 

“We have taken up the challenge to fast-track key sustainability action areas as the 2030 deadline approaches. I am glad that we at Safaricom are shaping the narrative on the delivery of the SDGs which are key to reducing inequalities and making our planet better,” said Peter Ndegwa, CEO, Safaricom.

“As much as we are doing a lot in short and long-term investments to integrate ESG into our business practices, there is still some way to go as global challenges such as climate change, the Covid-19 pandemic and conflicts have slowed down momentum on the achievement of some of the goals. As the private sector, we can collectively find ways to overcome the challenges through partnerships to fulfil our agenda,” Mr. Ndegwa said. 

Safaricom which has incorporated nine of the 17 SDGs in its business operations has in the past rallied CEOs from the region to commit to the African Business Leaders Coalition to address climate change concerns.

Earlier this month, Safaricom obtained a KES 15 billion Sustainability-Linked Loan to strengthen its Environmental, Social and Governance (ESG) agenda. The loan will enable the company to diversify its investments as it progresses towards the achievement of key ESG areas.

According to the SDG Progress Report released earlier this year by UN Secretary-General António Guterres, only 15 per cent of the SDGs targets are on track while progress on 48 per cent of the SDGs is weak and insufficient, and progress has stalled or reversed on 37 per cent of the SDGs.