Private sector financial institutions and philanthropists announced a range of new investment platforms and initiatives during the event that demonstrated their commitment to concrete actions to finance efforts in Africa, Asia and Latin America, totaling over $24 billion.

They include Tony Elumelu Foundation (TEF), which planned to launch a $500 million Coalition for African Entrepreneurs, to catalyse a further 100,000 young African entrepreneurs and small businesses, focusing particularly on fragile states, women entrepreneurs and green entrepreneurship.

The gathering followed the Climate Finance Mobilisation Forum, which was convened by UK Energy Security and Net Zero Secretary Grant Shapps and U.S. Special Presidential Envoy for Climate John Kerry, and inspired by the work of His Majesty the King.

It builds on longstanding UK-US efforts to turbocharge the net zero resilient transition already underway in developing and emerging economies on the road to COP28.

The forum brought together key players to identify how the world can go further, faster, to mobilise private investment needed to expand clean and renewable energy across the globe, reduce potent Carbon Dioxide (CO2) and non-CO2 emissions, halt deforestation and restore forests, and build resilience to a changing climate.

The UK government said more than $1 trillion is needed by 2030 to help developing economies get on track to reach net-zero carbon emissions by 2050. Additional investment, including from the private sector, is required to cut non-CO2 emissions, halt deforestation as well as adapt and build resilience to climate change

Recognising the scale and urgency of the climate crisis, the gathering emphasised the importance of partnership across governments, philanthropies, and investors – given that no single actor can mobilise finance at the scale required by acting alone. The scale of this transition requires trillions in private investment, in addition to public funds spending. It is also one of the biggest investment opportunities in history.

These efforts will help reduce emissions and boost climate resilience – while generating jobs in local communities and growing their economy.

The COP28 President Designate United Arab Emirates will host a High-Level Business & Philanthropy Delivery Forum during the World Leaders Climate Action Summit that will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for collaboration, and acceleration.

TEF has, since 2015, connected over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly $100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs.

The coalition is open to development agencies, the global private sector, philanthropic organisations and governments to create meaningful change and empower Africa’s next generation.
“Creating a green entrepreneurial revolution is fundamental to the coalition, as we embed sustainable practices and solutions across the next generation,” Elumelu said.

He added: “I represented Africa and presented our agenda: the urgency for action on climate change, the threat to our lives and livelihoods; that Africa must lead the world in driving environmental sustainability. We can no longer be a passive player in an issue that is so central to our present and future.

“Africa needs a just, fair, equal and a realistic strategy to address the inequalities that exist between Africa and the rest of the world. Africa must prioritise the provision of a mix of both traditional and renewable energy, but cannot be at the expense of the drive to urgently address the continent’s current energy deficit.”