Connect with us

Business

Tony Elumelu Convenes Global Leaders and Calls for Immediate Climate Action for Africa at Conference of the Parties (COP28) in Dubai

Published

1 year ago

on

Tony Elumelu

With African youth set to make up one third of global population later this century, the future of Africa’s youth, entrepreneurial, ambitious, resilient, needs to be given the highest priority

Egalement disponible en Français, Também disponível em Português, تتوفر أيضا في العربية

LAGOS, Nigeria, December 8, 2023/APO Group/ — 

Tony Elumelu Foundation (https://www.TonyElumeluFoundation.org) Hosts US Administration, WTO, UNDP, IFC, UNICEF, Rockefeller Foundation Leaders; Champions equitable partnerships to catalyse a new generation of green entrepreneurs; Announces partnership to fund young African entrepreneurs in Green sector with Ikea Foundation, Dutch Government, and UNICEF Generation Unlimited; Secures commitments to support Africa’s youth to drive climate resilience from World Trade Organisation, World Bank, UNDP, Government of Sweden, IFC, US State Department, and others.

At a series of events across COP28, Tony Elumelu delivered a single message to world leaders: Africa needs to be heard, Africa’s future is the world’s future and the continent that is most impacted by and the least contributor to climate change, needs our attention. With African youth set to make up one third of global population later this century, the future of Africa’s youth, entrepreneurial, ambitious, resilient, needs to be given the highest priority.

Elumelu offered the infrastructure and experience of his own Foundation’s 10 year $100m entrepreneurship programme to partners, to catalyse a further generation of African entrepreneurs; entrepreneurs who can address climate change and drive the broader wealth creation that Africa requires. Reaching and funding young entrepreneurs in every African country, the Elumelu approach of sector agnostic seed funding, mentoring, and networking has delivered robust impact.

The annual COP UN Climate Change Conferences unites the world to assess progress in combatting climate change. Elumelu is one of Africa’s leading advocates for an equitable agenda for climate action and through the Tony Elumelu Foundation has empowered thousands of green entrepreneurs, shaping a more sustainable future for Africa.

The Tony Elumelu Foundation, in partnership with the United Bank for Africa (UBA), hosted a high-level session, bringing together Africans, and key players in the Gulf, Europe, and Americas, where UBA operates, underscoring the urgent need for innovative approaches to climate adaptation and mitigation, while fostering sustainable development, and bringing attention to Africa’s unique position.

Speakers included Dr. Okonjo Iweala, Director General, World Trade Organization; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP, Kevin Frey, CEO, UNICEF Generation Unlimited; Sergio Pimenta, VP Africa, IFC; Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative, World Bank; Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate; Joseph Nganga, Vice President, Global Energy Alliance for People and Planet, Rockefeller Foundation; Hassan Al Hashemi, VP International Relations, Dubai Chambers; Serge Ekué, Chairman, West African Development Bank (BOAD); Muyiwa Akinyemi, Deputy Group Managing Director, United Bank for Africa; and Mattias Frumerie, Swedish Climate Ambassador and Head of Delegation, UNFCCC.

“Addressing climate change is the paramount challenge of our era. The urgency is unmistakable.”  Elumelu stated. “It is critical that Africa, as a continent, and African voices, play a key role in global climate conversations, as meaningful participants, and no longer as bystanders. Africa is least responsible and is disproportionately impacted by climate change. I am investing in a generation of green entrepreneurs, and we are extending the hand of partnership, so that others can benefit and use the infrastructure and platform we have created to reach entrepreneurs across Africa.”

Elumelu represented the African private sector at the 2023 New Global Financing Pact in Paris at the invitation of French President Emmanuel Macron, and the Climate Finance Mobilisation Forum in London, at the invitation of King Charles III of the United Kingdom and U.S. President Biden. At the 78th United Nations General Assembly (UNGA78) in New York, the Tony Elumelu Foundation (TEF) launched a first-of-its-kind Green Entrepreneurship Programme, the #BeGreenAfrica Initiative, in partnership with the IKEA Foundation, Dutch Government and UNICEF GenU, to support green entrepreneurship and youth development.

Tony Elumelu Entrepreneur from Madagascar in the green economy, Marie-Christiana Kola, shared a compelling impact story.  “As a beneficiary of the Tony Elumelu Foundation Entrepreneurship programme, I was able to create a recycled and 100% biodegradable hand soap made with waste cooked oil – the number one water polluter of water in African urban cities. These soaps do not only protect the environment, but they are also solidarity soaps.  I was also able to attend the COP27 conference in Egypt, where I won the Innovation Prize. Today, I have employed over 30 people because of the Tony Elumelu Foundation.”

Africa needs to be heard, Africa’s future is the world’s future and the continent that is most impacted by and the least contributor to climate change, needs our attention

Speaking at the TEF #COP28 high-level event, Dr. Okonjo Iweala, DG, World Trade Organisation stated, “I am proud of what my brother, Tony Elumelu, has done in empowering and inspiring so many young entrepreneurs. We have no choice; the future is green. The future of growth is two things – it is green, and it must be inclusive. I am very interested in partnerships with organisations like TEF.”

Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP added, “The reason why UNDP associated itself with the Tony Elumelu Foundation years ago is because of the leadership and courage of the Foundation to trust and invest in young Africans. It was one of the first organisation to do so at that scale.”

The Foundation partnered with the UNDP to empower thousands in the Sahel, with an ambitious project to impact the lives one million young Africans.

Sergio Pimenta, VP, Africa at the IFC, also stated, “Tony, I salute you and your Foundation for what you have been doing to support young entrepreneurs in Africa. The IFC has deployed $2billion in funding for African SMEs in the last fiscal year and we are very excited to be able to do more, working with you.”

Kevin Frey, CEO UNICEF Generation Unlimited added, “With TEF, we have moved in a concerted way into the entrepreneurial space. Generation Unlimited now have a flagship programme with the Tony Elumelu Foundation called #BeGreenAfrica, launched in Kenya, and now with the support of the IKEA Foundation and the Dutch Government, we have scaled to Nigeria, Morocco, South Africa, and Senegal. We will train and seed 500 green entrepreneurs this year in the pilot project across those countries. So Tony, thank you so much, you are right it is all about partnerships.”

Wendy Teleki, Head of the Women Entrepreneurs Financial Initiative at the World Bank, announced, “Our women-focused initiative has been able to secure $3.6 billion to finance women entrepreneurs in 67 countries across the world, and is set to launch a new programme focused on financing African women entrepreneurs to drive the continent’s green energy transition, and we are keen to work with the Tony Elumelu Foundation.”

Mattias Frumerie, Swedish Climate Ambassador and Head of UNFCCC Delegation stated, “My Government and I commend the Tony Elumelu Foundation’s incredible impact across Africa, and will facilitate connections between the Tony Elumelu Foundation, and the Swedish embassies across Africa to drive innovation, digitalisation, and green-energy transition, which promises to bring about new jobs and growth.”

Adam Wang-Levine, U.S. Deputy Assistant Secretary for Climate, added” Before coming to the United States Treasury, I was working in venture capital, and I know first-hand that it is incredibly important what the Tony Elumelu Foundation is doing. I have seen two pillars of their work – financing and the mentorship – just as I have seen with Silicon Valley, which helps to drive innovation and jobs creation. We are excited to begin partnership conversations.”

Muyiwa Akinyemi, Deputy GMD, United Bank for Africa, announced, “For us, UBA, we give market access into 20 geographies in Africa.  Everything that we do is around Africa, and that is why we have partnered with the Afrexim Bank to launch the $6billion fund for SMEs with a focus on import substitution, working in four key areas including climate emission reduction.”

Earlier in the day, Tony Elumelu joined Ajay Banga, President of World Bank Group; Brian Moynihan, Chair of the Board and CEO of Bank of America; Ms. Ruth Porat, President, Alphabet and Google; and Ms. Laurene Powell Jobs, Founder & President of Emerson Collective as a panelist in a session titled “Big, Audacious and Green: A Convergence of Visionaries”, moderated by Børge Brende, President of World Economic Forum.

On Sunday December 3 Mr. Tony Elumelu, also participated in a fireside conversation with Ms. Teresa Ribera, Vice President of the Government of Spain and Minister for Ecological Transition and Demographic Change, moderated by Sec. Hillary Rodham Clinton, and with closing remarks from Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organization.

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

Related Topics:
Continue Reading
Advertisement

Business

African Development Bank Partners with Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa

Published

2 days ago

on

February 21, 2025

By

African Development Bank

According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy

ABIDJAN, Ivory Coast, February 21, 2025/APO Group/ –The African Development Bank Group (www.AfDB.org) has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol.

The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.

The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (https://apo-opa.co/3QrB4ku) and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said.

Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions (https://apo-opa.co/41o3TVt) [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing. By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy.

Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions. Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

Adesina said the Bank will continue to tackle these challenges by:

  • Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.
  • Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption.
  • Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.

The high-level Interpol delegation that accompanied Secretary General Urquiza included Mr. Silvino Schlickmann, Director of Governance and Ms. Paule Ouedraogo, Head of Interpol’s Regional Bureau.

The African Development Bank Group was represented by members of President Adesina’s senior management team including the director of the Office of Integrity and Anti-Corruption, Ms. Paula da Costa.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Continue Reading

Business

World-leading Crypto Event Launches APAC’s Largest Debut with Consensus Hong Kong 2025

Published

2 days ago

on

February 21, 2025

By

Blockchain

Over 350 side events transformed mega digital assets event to mega festivities
HONG KONG SAR – Media OutReach Newswire – 21 February 2025 – Regarded as the “Super Bowl of Blockchain” and “the World Cup of Web3”, Consensus, the most influential and longest-running event of the crypto world, picked Hong Kong as a destination to expand beyond North America, with a record-setting debut of nearly 10,000 from over 100 countries and regions converging at the Hong Kong Convention and Exhibition Centre from 18-20 February.

Phoebe Shing, Director, Business Development Team Lead, MICE • MICE-Business Development of the Hong Kong Tourism Board (HKTB), said, “The tremendous success of Consensus’s Hong Kong debut marked the city as one of the most conducive destinations to expand the global footprint of proven events. More than a world’s meeting place, Hong Kong is also a super-connector in the world of finance, innovation and technology (I&T) and global cultures. This mega crypto event also puts Hong Kong on the forefront of accelerating the region’s advancement, while generating high-yield tourism spending and business activities to fuel Hong Kong’s economy.”

A convergence of who’s who in the world of blockchain, digital assets and web3

Asia’s top financial policymakers, crypto thought-leaders and investors shared the main stage with Mainland and world pioneers in blockchain, digital assets and web3 fields, defining what’s next and mapping the way forward for greater impact. The cast of stellar speakers notably included Richard Teng, CEO of Binance, the largest crypto exchange by trading volume; Adam Back, CEO and co-founder of Blockstream, a global leader in Bitcoin and blockchain technologies; Yat Siu, Co-Founder & Chairman Animoca Brands, a global leader in blockchain and gaming; Hong Fang, President of OKX, a leading Web3 technology company and leading crypto exchange, and many more.

Sara Stratoberdha, CEO of CoinDesk said, “Consensus has been running for over 10 years and is one of the longest-running and comprehensive digital assets events in the world. Hong Kong, a Fintech hub in Asia serves as a global center for crypto and web3 technologies, with favourable policies and a large pool of talent for blockchain, digital assets and web3 to thrive. We are thrilled to see that over 75% of attendees are coming from outside Hong Kong. A truly international event! The city has proven the ideal choice for expanding Consensus beyond North America.”

A strong line-up of over 350 side events, delivering huge commercial value

Consensus Hong Kong 2025 was embellished with more than 350 side events, giving the energetic global crypto community diverse opportunities to showcase their expertise, create and renew partnerships and party to the heart’s content.

Michael Lau, Chairman of Consensus Hong Kong, added, “The scale of the inaugural Hong Kong event has surpassed our expectations, with nearly 10,000 attendees and what truly surprised us is that the community and industry were eager to participate and the fact that we ended up hosting over 350 side events is a strong testament to Hong Kong as a leading global FinTech hub where we have a vibrant ecosystem, entrepreneurial spirits, innovative cultures that nowhere else can replicate. I am also appreciative of the support from the HKTB in securing the event for the city I call home.”

Transforming business events into mega festivals

Consensus Hong Kong also spectacularly transformed a leading business event into a mega festival, kicking off with its Opening Party – Rooftop Revelry, held at Cloud 39, the ultra-luxury rooftop ballroom of iconic landmark in Central The Henderson that set the tone for the event’s sophisticated networking occasions. Action continued all the way to its long-established tradition of Music Festival and Crypto Fight Night, extending to Hong Kong’s unique horse-racing and night party at Lan Kwai Fong. The conference concluded with a bang with the Consensus Closing Party in Lan Kwai Fong, where participants were treated to an open bar, live music and fun networking.

Brad Spies, Vice President of Consensus, said, “Hong Kong has a long legacy of finance, banking and some of the deepest capital markets in the world; but it’s also such a vibrant and diverse city with the best restaurants, fantastic venues and unique experiences. The city simply fulfilled the promises of delivering the best of business and fun. Hong Kong is such a world-class city for people to come and transform business events into mega festivals.”

Continue Reading

Business

Saudi Arabia Expands Energy Ties with Africa: A Look at Key Investments, Partnerships

Published

2 days ago

on

February 21, 2025

By

Following Saudi Arabia’s latest energy efficiency cooperation agreement with Egypt, the African Energy Week: Invest in African Energies 2025 conference will provide a vital platform to accelerate partnerships and secure new deals between Saudi Arabia and African countries

CAPE TOWN, South Africa, February 21, 2025/APO Group/ –Earlier this week, Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Arabia’s Minister of Energy Abdulaziz bin Salman Al Saud signed an agreement to develop an executive plan for energy efficiency cooperation, strengthening bilateral ties in the energy sector and fostering sustainable development. This follows another significant development in September, in which Egyptian Prime Minister Mostafa Madbouly secured a $5 billion pledge from Saudi Arabia’s PIF, representing the “first phase” of a larger investment strategy.

As a leading global energy giant, Saudi Arabia has been actively investing in Africa’s energy sector, aiming to expand its energy reserves, advance energy diplomacy and compete with other global superpowers. This strategic push not only strengthens Saudi Arabia’s influence in the region, but also paves the way for deeper economic and political ties with African nations.

To date, the lion’s share of investment in Africa’s energy sector has focused on clean energy advancements. With total project costs reaching $7 billion across the continent, Saudi developer ACWA Power stands as the leading private-sector investor in African renewable energy. In October 2024, the company announced that its Redstone solar plant in South Africa was set to achieve its full 100 MW capacity, while its Kom Ombo solar PV plant in Egypt successfully reached its full capacity of 200 MW. ACWA Power is also leading Project DAO, South Africa’s largest hybrid renewable power plant, with an $800 million investment. The project is expected to come online by 2026 and aligns with the Kingdom’s broader Vision 2030 goals.

In addition to renewable energy, Saudi Arabia is diversifying its investments to secure critical minerals for clean energy technologies. In October, Saudi Arabia’s Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), entered advanced talks to acquire a minority stake in First Quantum Minerals’ Zambian copper and nickel assets. The potential investment, valued between $1.5 billion and $2 billion, underscores Saudi Arabia’s strategy to secure critical minerals that are vital for the global clean energy transition.

Turning to broader regional commitments, Saudi Arabia’s financial support for Africa’s energy infrastructure has grown. In October, the Kingdom announced a major funding initiative, pledging at least $41 billion for sub-Saharan African nations. This includes $1 billion for development, $5 billion for startups, $10 billion in financing from the Saudi Export-Import Bank and $25 billion in private sector investments over the next decade.

Meanwhile, the Saudi Ministry of Energy has established the “Empowering Africa” initiative as part of its broader commitment to supporting sustainable development across the continent. In collaboration with the Ministries of Communications and Information Technology and Health, the initiative aims to deliver clean energy, connectivity, e-health and e-learning solutions to enhance lives and promote long-term growth in Africa. Building upon the Clean Fuel Solutions for Cooking Program, it focuses on providing cleaner cooking solutions to vulnerable populations, aiming to reduce reliance on traditional biomass fuels and improve health outcomes for millions of households. Minister bin Salman Al Saud has emphasized energy as a fundamental human right and is spearheading efforts to improve access to clean cooking technologies across the continent.

Additionally, state-owned petroleum company Saudi Aramco is strengthening its partnerships with African nations to support energy investments and mobilization. These collaborations are expected to drive infrastructure development, enhance oil and gas production capacity and facilitate knowledge transfer between Saudi and African energy stakeholders, while aligning with broader energy security and sustainability goals.

In the multilateral arena, the African Energy Chamber is working with Saudi Arabia to support South Africa’s G20 energy investments and mobilization. This partnership is set to facilitate greater financing and policy coordination, ensuring Africa’s energy priorities are well-represented in global energy discussions. The upcoming African Energy Week: Invest in African Energies conference in Cape Town serves as a key platform to facilitate and support these investments, bringing together Saudi stakeholders, African governments and global energy leaders to advance new projects, strengthen partnerships and accelerate the continent’s energy transition. These collaborations are essential in addressing energy challenges, driving economic growth and fostering long-term sustainability. As Saudi investments expand – alongside those of other G20 nations – their impact on Africa’s energy landscape will only deepen.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

Distributed by APO Group on behalf of African Energy Chamber.

Continue Reading

Trending