Heirs Holdings Chairman, Tony Elumelu, has been invited to participate in the Climate Finance Mobilisation Forum alongside King Charles III of the United Kingdom and President Joe Biden of the United States. The forum, taking place in London, aims to attract a new wave of capital to combat climate change effectively.
To achieve the goals set out in the Paris Agreement, the statement highlights the need to unlock private investments at an unprecedented pace and magnitude. Elumelu, renowned for his advocacy of equitable climate finance in Africa, is a leading supporter of young African entrepreneurs through the Tony Elumelu Foundation, which focuses on developing sustainable climate solutions.
Elumelu emphasized the importance of a just and fair strategy to address the existing inequalities between Africa and the rest of the world, stating, “Africa needs a realistic approach to tackle these disparities.” The statement further underscores Africa’s significant energy deficit and the need to prioritize both traditional and renewable energy sources.
The statement also reveals that emerging economies, particularly in Africa, will require an additional $1 trillion in annual investments by 2030 to ensure a fair transition. Achieving this scale of capital mobilization necessitates bold actions and innovative partnerships involving public, private, and philanthropic entities.
Renewable energy investments in emerging and developing economies have shown a recent decline, further emphasizing the urgency for Africa’s green revolution and the need for immediate and substantial funding beyond the available resources of governments and the private sector.
Elumelu’s participation in the forum was extended by UK Secretary of State for Energy Security and Net Zero, Grant Sharps, and US Special Presidential Envoy on Climate, John Kerry. The invitation was made at the request of King Charles III and President Joe Biden, with Elumelu representing the African private sector’s interests at the event.
