TheCable

Tony Elumelu, chairman of Heirs Holdings, is set to join US President Joe Biden and King Charles III, at the climate finance mobilisation forum in London. 

The forum which takes place on Monday, is being hosted by John Kerry, US special presidential envoy for climate, and Grant Shapps, UK energy secretary.

The event aims to advance discussions on climate donations from the private sector, as well as attract capital for developing countries to tackle climate change. 

Elumelu, who will be representing the African private sector, said the forum is pertinent because the world needs bold action and innovative new partnerships among public, private, and philanthropic actors.

He said climate finance investments should deliver affordable and accessible power in Africa, adding that the provision of a mix of both traditional and renewable energy should be prioritised.  

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

“A Net Zero conversation that ignores, dismisses, or underestimates the continent’s current reality does us all more harm than good.

“Climate finance investment should deploy capital to a mix of on and off-grid solutions that are required to deliver affordable, reliable, and accessible power in Africa.

“Africans bear the harshest effects of the climate crisis and are the least responsible for creating this crisis in the first place.”

The forum comes on the heels of the global finance pact summit, hosted by France President Emmanuel Macron, in Paris in June.

The Paris summit laid the foundation for a new financial system that will boost investments in green infrastructure and create innovative solutions to climate vulnerability.