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Climate change has emerged as one of the greatest challenges faced by the world today. Adverse impacts of climate change are visible across sectors like agriculture and other natural resources due to increasing average temperature and changing weather patterns. Africa constitutes around 13% of the global population but contributes the least (around 2%) to greenhouse gas (GHG) emissions globally. Concerning the global climate vulnerability index, Africa is most impacted (around 21%) by climate change and its’ population is most vulnerable to climate sensitivity and fragility of the continent’s natural environment and increasingly erratic weather patterns, low adoption of climate-resilient technologies, and high dependence on environment-based livelihoods. Hence, Africa needs to adopt low carbon and climate-resilient development to address climate-related issues and to have sustainable development. In line with the low carbon/climate-resilient development agenda, 53 countries (except Libya) have submitted Nationally Determined Contribution (NDC) and have set ambitious targets under NDC and Sustainable Development Goals. A quick analysis of the NDCs and various studies indicates the enormity of the financing needs. According to Climate Invetsment Funds (CFI), Sub-Saharan Africa will require an estimated USD222 billion for climate resilience investments to reach its NDCs. One of the critical stakeholders to play a key role in meeting the financing needs of climate-smart agriculture (CSA) related targets is the private sector. There is around 98% gap in financing for CSA. Even though substantial climate finance potential exists in selected countries for the private sector, there are certain challenges and barriers like financial, policy, lack of awareness, and low provision for climate funding in the national budget.

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Purpose This study aims to investigate the drivers for adopting energy efficiency practices within an emerging market context. Design/methodology/approach Drawing on the shared value theoretical perspective, this study investigates the corporate strategy approaches toward energy efficiency in firms. This paper draws from a sample of 852 Kenyan firms from 14 sectors. This study’s analysis is based on an ordered probit model. Findings The findings indicate that companies that conduct energy audits, have environmental performance-based compensation for senior management, provide staff training on energy efficiency and have a written energy policy are more effective in energy efficiency and conservation efforts. Based on the findings, this study recommends that companies and policymakers incentivize corporate actions and strategies to promote energy efficiency. While this study’s findings offer critical insights, the authors recommend future research to make sectorial comparisons. Originality/value Studies focusing on drivers of energy efficiency are limited, and those that exist are often either qualitative or focused on large, listed firms. By investigating 852 companies in 14 sectors in Kenya, this study adds to the literature on firms’ energy efficiency management.