Nigerian businessman and philanthropist, Tony Elumelu, on Monday, met with King Charles III of the United Kingdom, and United States President, Joe Biden, at the Climate Finance Mobilisation Forum in London.
Elumelu, who is representing the African private sector at the event, was invited to the forum by the UK Secretary of State for Energy Security and Net Zero, Grant Sharps; and the US Special Presidential Envoy on Climate, John Kerry.
According to a statement from the Tony Elumelu Foundation, its Chairman was invited to the forum at the request of King Charles III and US President Joe Biden.
The statement stated that the forum would help to attract a new generation of capital to combat climate change and also unlock private investment at unprecedented speed and scale to achieve the goals of the Paris Agreement.
It added that 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.
According to the statement, 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 realistic strategy to address the inequalities that exist between Africa and the rest of the world.
“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 mobilise this scale of capital, the world needed bold actions and innovative new partnerships between public, private, and philanthropic actors.