Tony Elumelu, the Chairman of Heirs Holdings, teamed up with King Charles III of the United Kingdom and US President Biden on Monday at the Climate Finance Mobilisation Forum in London. Their objective was to draw attention from a fresh wave of funding to tackle climate change.
Elumelu, known as a prominent supporter of fair climate finance in Africa, is actively involved in supporting young African entrepreneurs through the Tony Elumelu Foundation. Their efforts aim to foster the development of sustainable climate solutions.
“Africa needs a just, fair, equal, and a realistic strategy to address the inequalities that exist between Africa and the rest of the world,” Elumelu said.
In Africa, there exists a substantial energy shortfall, making it crucial to prioritize the provision of a diverse range of both traditional and renewable energy sources.
By 2030, emerging economies, notably in Africa, will necessitate an extra $1 trillion in annual investments to facilitate a just transition.
To attract such a significant amount of capital, the global community must take courageous steps and forge innovative collaborations among public, private, and philanthropic entities.
Emerging and developing economies have recently witnessed a decline in investments in renewable energy. However, Africa’s journey towards a green revolution necessitates immediate and substantial funding, surpassing the available resources of African governments and the private sector.
Tony Elumelu consistently emphasizes that Africa has contributed the least to the current climate crisis but bears a disproportionately large burden from the impacts of climate change.
Elumelu, representing the private sector, received an invitation to the forum from Grant Sharps, the UK Secretary of State for Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy on Climate. This invitation was extended at the behest of King Charles III and US President Joe Biden.
“A Net Zero conversation that ignores, dismisses, or underestimates the continent’s current reality does us all more harm than good,” Elumelu said. “Climate finance investment should deploy capital to a mix of on and off-grid solutions that are required to deliver affordable, reliable, and accessible power in Africa.”
According to Elumelu, “Africans bear the harshest effects of the climate crisis and are the least responsible for creating this crisis in the first place.”
Following his attendance at the Summit for a New Global Financing Pact in Paris, hosted by French President Emmanuel Macron, Elumelu participated in the aforementioned meeting.
The Summit served as a foundation for establishing a fresh financial framework tailored to the demands of the 21st century. This framework aims to amplify investments in green infrastructure and develop inventive approaches to address climate-related vulnerabilities.