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Tony O. Elumelu, Chairman of Heirs Holdings will be attending the Climate Finance Mobilization Forum in London today, alongside King Charles III of the United Kingdom and U.S. President Joe Biden.
The forum aimed at attracting a new wave of capital to combat climate change and address the urgent need for private investment to achieve the goals set by the Paris Agreement.
Elumelu is recognized as a strong advocate for equitable climate finance in Africa and has been a leading supporter of young African entrepreneurs through his Tony Elumelu Foundation.
The foundation focuses on nurturing sustainable climate solutions and empowering the next generation of African business leaders.
Elumelu stressed the importance of a just and fair strategy to address the existing inequalities between Africa and the rest of the world. Given Africa's significant energy deficit, it is crucial to prioritize the provision of both traditional and renewable energy sources. By 2030, emerging economies, particularly those in Africa, will require an additional $1 trillion of annual investment to support a fair transition.
To mobilize such a substantial amount of capital, bold actions and innovative partnerships between public, private, and philanthropic entities are essential. Recent trends have shown a decline in renewable energy investments in emerging and developing economies. Therefore, Africa's green revolution demands immediate and significant funding that exceeds the resources available to African governments and the private sector.
Elumelu emphasized that Africa has contributed the least to the current climate crisis but is disproportionately affected by its impact. He will represent the African private sector at the forum, having been invited by Grant Sharps, UK Secretary of State for Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy on Climate, at the request of King Charles III and President Joe Biden.
Elumelu believes that any conversation about achieving net-zero emissions that ignores or underestimates Africa's current reality would be detrimental. He advocates for climate finance investments that encompass both on-grid and off-grid solutions to deliver affordable, reliable, and accessible power across Africa.
According to Elumelu, Africans bear the brunt of the climate crisis despite being the least responsible for its creation.
