Tony Elumelu, the Chairman of Heirs Holdings, has been invited to join King Charles III of the United Kingdom and President Joe Biden of the United States at the Climate Finance Mobilisation Forum. The forum, taking place in London, aims to attract a new wave of capital to combat climate change.
The statement emphasizes the need to unlock private investment on an unprecedented scale to achieve the goals set forth in the Paris Agreement. Tony Elumelu is recognized as one of Africa’s foremost advocates for equitable climate finance and has been instrumental in funding young African entrepreneurs through the Tony Elumelu Foundation, which focuses on creating sustainable climate solutions. Elumelu asserts the importance of a just and realistic strategy to address the inequalities between Africa and the rest of the world.
Africa faces a substantial energy deficit and must prioritize the provision of both traditional and renewable energy sources. The statement highlights the requirement for an additional $1 trillion of investment per year by 2030 to support a fair transition, particularly in emerging economies like those in Africa. To mobilize such a vast amount of capital, the world needs bold actions and innovative partnerships among public, private, and philanthropic entities.
The statement also points out the decline in renewable energy investment in emerging and developing economies. It stresses that Africa’s green revolution necessitates immediate and substantial funding that surpasses the resources available to African governments and the private sector alone.
Tony Elumelu was invited to the forum by Grant Sharps, the 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 will represent the African private sector at the forum.
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