Tony Elumelu arrives in London to represent African private sector at climate finance forum

NIGERIAN entrepreneur Tony Elumelu has arrived in London where he will participate in the Climate Finance Mobilisation Forum attended by King Charles and President Joe Biden serving as the representative of the African private sector.

Held to help to attract a new generation of capital to combat climate change, the forum is vehicle put together to help achieve the goals of the Paris Agreement. To meet the lofty goals of that agreement which involve achieving massive huts in carbon emissions, there is a need to unlock private investment at an unprecedented speed and on a huge scale.

Mr Elumelu, the chairman of Heirs Holdings, is one of Africa’s most prominent advocates for equitable climate finance and is a leading funder of young African entrepreneurs through the Tony Elumelu Foundation working to create sustainable climate solutions. He pointed out that Africa has a significant energy deficit and must prioritise the provision of a mix of both traditional and renewable energy.

“Africa needs a just, fair, equal and a realistic strategy to address the inequalities that exist between Africa and the rest of the world. Africa’s green revolution requires urgent, immediate and significant funding that is larger than the resources available to African governments and private sector,” Mr Elumelu added.

He stressed that emerging economies, particularly in Africa, would require an additional $1tn of investment per annum by 2030 to support a fair transition. To mobilise this scale of capital, the world needs bold actions and innovative new partnerships between public, private and philanthropic actors.

According to Mr Elumelu, recent trends show a decrease in renewable energy investment to emerging and developing economies. He was invited to the forum by UK secretary of state for energy security and net zero Grant Sharps and the US special presidential envoy on climate, John Kerry.