Due to its severe energy shortage, Africa must give top priority to the production of a combination of traditional and renewable energy sources. The United Nations Conference on Trade and Development’s most recent study estimates that by 2030, emerging economies will need to receive over $1 trillion in investments annually to enable a fair transition.

The world needs bold collaborative efforts between the public and private sectors to mobilise this quantity of capital because the resources required to achieve this are beyond the capabilities of the African private sector and governments.

Speaking further, 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.”

Elumelu, who was invited at the request of King Charles III and Joe Biden by Grant Sharps, UK Secretary of State for Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy on Climate, represented the private sector at the forum.

This meeting comes on the heels of the Summit for a New Global Financing Pact attended by Elumelu and hosted by French President Emmanuel Macron.