Somto BisinaTony Elumelu, a renowned investor, philanthropist, and Chairman of Heirs Holdings, will be joining King Charles III of the United Kingdom and U.S. President Joe Biden at the prestigious Climate Finance Mobilisation Forum in London today.
The purpose of this gathering is to attract a new wave of capital to combat climate change, as world leaders recognize the urgent need to achieve the goals set forth in the Paris Agreement.
Mr. Elumelu is widely recognized as one of Africa’s most influential proponents of equitable climate finance. Through his philanthropic organization, the Tony Elumelu Foundation, he has been a leading supporter of young African entrepreneurs who are actively working to develop sustainable climate solutions.
Elumelu firmly believes that Africa requires a just and realistic strategy to address the existing inequalities between the continent and the rest of the world.
The African continent faces a substantial energy deficit and must prioritize the provision of both traditional and renewable energy sources. To ensure a fair transition, emerging economies in Africa will require an additional $1 trillion of investment annually by 2030.
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Mobilizing such a massive amount of capital demands bold actions and innovative partnerships involving public, private, and philanthropic entities.
Unfortunately, recent trends indicate a decrease in renewable energy investment directed towards emerging and developing economies.
Africa’s green revolution necessitates urgent and significant funding that exceeds the resources available to African governments and the private sector. Elumelu consistently emphasizes that Africa has contributed the least to the current climate crisis, yet it continues to bear the brunt of its impact.
Elumelu, representing the African private sector, was invited to the forum by Grant Sharps, UK Secretary of State for Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy on Climate.
This invitation came at the behest of King Charles III and President Joe Biden, reflecting their recognition of Elumelu’s expertise and dedication to climate finance.
“A Net Zero conversation that disregards or underestimates the current reality of the African continent does more harm than good,” Elumelu asserts. He firmly believes that climate finance investment should prioritize a combination of on and off-grid solutions to ensure affordable, reliable, and accessible power throughout Africa.
Elumelu highlights the fact that Africans suffer the harshest consequences of the climate crisis, despite being the least responsible for its creation.
His participation in the Summit for a New Global Financing Pact in Paris, hosted by President Emmanuel Macron of France, further solidified his commitment to addressing climate vulnerabilities.
The summit laid the groundwork for a new financial system that promotes investments in green infrastructure and fosters innovative solutions to combat climate change.
As world leaders convene in London for the Climate Finance Mobilisation Forum, the presence of influential figures like Tony Elumelu underscores the crucial role of private investment in mitigating climate change.
By fostering collaboration and driving capital towards sustainable solutions, these leaders aim to secure a brighter, more sustainable future for generations to come.
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