The Founder of Rosehill Group, a leading investment firm in Africa, Suleiman Yahyah, has congratulated the African Union (AU) on its new membership in the G20 forum, for putting the climate change conversation on the agenda and committing $26 billion to climate action.
Yahyah’s commendations came during a recent interview with CNBC Africa on Monday, September 11, following the landmark Africa Climate Summit held in Nairobi, Kenya.
African leaders, climate experts, business leaders, and representatives of civil society organisations came together for the first time at the Africa Climate Summit to discuss ways to speed up climate action on the continent.
Yahyah, while applauding the African leaders for taking the initiative to address climate change, emphasised that the summit represents a crucial milestone in regional policymaking and market sensitization.
He noted that the $26 billion investment pledge made at the Africa Climate Summit and the $100 billion requested from developed nations are just the tip of the iceberg.
“The $26 billion is just the beginning. If you look at the potential size of the market, we are looking at a market size of about $6.7 trillion when fully activated, therefore, that sum is significant. It is just the beginning of the conversation,” Yahyah said.
Yahyah said the African private sector has an essential role to play in achieving net-zero commitments by 2060, characterising this moment as pivotal and watershed.
He also predicted that there would be a surge of private sector investment in renewable energy and adaptation strategies and government support to create an environment conducive to additional investment.
Yahyah also underscored the importance of African entrepreneurs and the continent’s abundant natural resources in boosting GDP and contributing to the global economy.
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According to him, Africa has the potential to increase its GDP by $7 trillion if it can effectively harness these assets.
“We need the combined efforts of African entrepreneurs, the natural assets of Africa for us to reset them and also add them to our GDP. So you can imagine if we’re able to revalue or replace our gross domestic product from where it is now in Africa, which is about $3.1 trillion. If you add 7 trillion, the revaluation will be around $10 trillion, which is a significant play. In a global economy, that’s about 97 billion trillion dollars.”
Regarding the African Union’s recent admission as a member of the G20, Suleiman Yahyah welcomed the development, stating that this gives the continent a seat at the table when it comes to global decision-making on climate change that Africa wants to see happen in Africa.
However, Yahyah also stressed the need for Africa to strengthen its institutions, particularly in the context of ongoing discussions on African monetary banks and the Africa Free Trade Area agreement.
He stated the opportunity for Africa to attract essential investments that would activate dormant sectors of the economy, support the transition and contribute to the global economy.
On the subject of Carbon Market activation, the CEO revealed that Rosehill Group is actively advising the National Council on Climate Change on Carbon Market activation strategies, collaborating closely with the private sector to shape regulations, standards, and certification processes.
He added that the company aims to create a meticulously structured ecosystem that seamlessly connects buyers and sellers within the carbon market and allows the financing of community forest management efforts that play a key role in carbon sequestration.
“We will begin to see communities monetizing their climate change actions that help eradicate poverty and support Nigeria in meeting its net zero obligations,” he added.
About Rosehill Group
Rosehill Group is a leading investor in Africa’s green infrastructure projects. The firm was founded in 1999 by Suleiman Yahyah and has since invested in a wide range of sectors, including renewable energy, infrastructure, and financial services. Rosehill Group is committed to investing in Africa’s sustainable development.
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