The Chairman of Heirs Holdings, Mr. Tony Elumelu, has urged investors in climate finance for energy in Africa to commit investments to a mix of on and off-grid solutions in order to achieve affordable, reliable, and accessible green energy in Africa.
The renowned banker and leading hospitality and tourism investor made this remark at a Climate Finance Forum convened by Grant Sharps, UK Secretary of State for Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy on Climate, where he represented Africa’s private sector
According to him, Africans bear the harshest effects of the climate crisis and are the least responsible for creating this crisis in the first place
Elumelu pointed out that a net zero carbon emission conversation that ignores, dismisses, or underestimates the continent’s current reality would do more harm to Africans than good.
His invitation to the Forum came at the request of King Charles III and U.S. President Joe Biden, he was expected to meet with them to push for a new generation of capital to combat climate change in Africa.
The Chairman of Heirs Holdings pointed out that achieving the goals of the Paris Agreement required unlocking private investment at unprecedented speed and scale.
He said: “Africa needs a just, fair, equal and a realistic strategy to address the inequalities that exist between Africa and the rest of the world.”
Available data indicates that Africa has a significant energy deficit and must prioritize the provision of a mix of both traditional and renewable energy.
The latest reports on transition to green energy showed that emerging economies, particularly in Africa, would require an additional $1 trillion of investment per annum by 2030, to support a fair transition.
Experts have to projected that to mobilise this huge capital, the world needed bold actions and innovative new partnerships between public, private, and philanthropic actors.
Recent information on climate change drives has reflected a decrease in renewable energy investment in emerging and developing economies as experts believe that Africa’s green revolution requires urgent, immediate and significant funding –that is larger than the resources available to African governments, and private sector.
The UK meeting came on the heels of a recent Summit for a New Global Financing Pact hosted by the President of France, Emmanuel Macron in France which featured Elumelu as a key participant.
