Tony Elumelu to join King Charles, Biden at climate forum

Nigerian business mogul and philanthropist, Tony Elumelu is set to attend the Climate Finance Mobilisation Forum alongside King Charles III of the United Kingdom, and United States President, Joe Biden.

The forum scheduled for London is to seek new ways to combat climate change.

A statement said, in achieving the goals of the Paris Agreement, it required unlocking private investment at unprecedented speed and scale.

Elumelu 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.

“Africa needs a just, fair, equal and realistic strategy to address the inequalities that exist between Africa and the rest of the world,” Elumelu stated.

According to the statement, Africa has a significant energy deficit and must prioritize the provision of a mix of both traditional and renewable energy, reports The Punch.

Emerging economies, particularly in Africa, would require an additional $1tn of investment per annum by 2030 to support a fair transition, it said.

It, however, said to mobilize this scale of capital, the world needed bold actions and innovative new partnerships between public, private, and philanthropic actors.

According to the statement, recent trends showed a decrease in renewable energy investment to emerging and developing economies.

“Africa’s green revolution required urgent, immediate and significant funding that is larger than the resources available to African governments, and private sector,” it said.

It added that, Elumelu, who would be representing the African private sector, 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. The invitation came at the request of King Charles III and US President Joe Biden.