Tony Elumelu, the Chairman of Heirs Holdings, has been invited to join King Charles III of the United Kingdom and United States President Joe Biden at the Climate Finance Mobilisation Forum in London.
The purpose of the forum is to attract new capital to combat climate change, aligning with the goals of the Paris Agreement. The statement emphasizes the need to unlock private investment on an unprecedented scale and speed in order to achieve these goals.
Tony Elumelu is a prominent advocate for equitable climate finance in Africa and plays a significant role as a leading funder of young African entrepreneurs through the Tony Elumelu Foundation. His foundation is actively working to create sustainable climate solutions.
Elumelu emphasizes the importance of a just and fair strategy to address the existing inequalities between Africa and the rest of the world. The statement further highlights Africa’s energy deficit and the need to prioritize both traditional and renewable energy sources.
To support a fair transition, emerging economies in Africa would require an additional $1 trillion of investment per year by 2030. The statement stresses the necessity of bold actions and innovative partnerships involving public, private, and philanthropic actors to mobilize such a substantial amount of capital.
Renewable energy investment in emerging and developing economies, including Africa, has been decreasing according to recent trends.
The statement emphasizes the urgent need for significant funding that exceeds the resources available to African governments and the private sector. It states that Tony Elumelu, representing the African private sector, 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. This invitation was made at the request of King Charles III and President Joe Biden of the United States.
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