Rosehill Group Founder Praises AU’s G20 Membership, Climate Pledge

The Founder of Rosehill Group, Suleiman Yahyah, has praised the African Union’s (AU) new membership in the G20 forum and its commitment of $26 billion to combat climate change. He made this known during a TV programme.

He emphasized that the $26 billion pledge at the Africa Climate Summit held in Nairobi, Kenya, along with the $100 billion sought from developed nations, is just the beginning. The potential market size for climate action in Africa could reach approximately $6.7 trillion when fully realized.

“Following the Nairobi declaration, African governments need to mainstream climate change by rebasing their GDP from $3 trillion to $10 trillion, taking into account natural wealth in forest reserves and oceans that serve as global sequestration for carbon emissions,” he advised. 

Highlighting the role of the African private sector, Yahyah predicted increased investments in renewable energy and adaptation strategies, with government support fostering an investment-friendly environment. He stressed the significance of African entrepreneurs and abundant natural resources, suggesting that Africa could boost its GDP by $7 trillion.

“We also need to have conversations around ring-fencing our critical mineral resources by legislation similar to the US Inflation Act and  EU Critical Raw Materials Act using the framework of African Continental Free Trade Area Agreements which should drive the process to create barriers to entry against raw minerals exports – such that jobs are created in Africa.

“The African private sector should catalyse the needed investment to start manufacturing solar panels using our abundant Silica reserves and lithium batteries utilizing our Lithium and cobalt reserves. Nigeria should enact subsidiary legislation protecting our identified critical minerals and incentivizing local production through effective joint ventures.”

Yahyah welcomed the AU’s G20 membership, giving Africa a voice in global climate decision-making. However, he also underscored the need for institutional strengthening, especially in discussions on African monetary banks and the Africa Free Trade Area agreement, to attract essential investments, activate dormant economic sectors, and contribute to the global economy.

Regarding Carbon Market activation, Yahyah disclosed that Rosehill Group advises the National Council on Climate Change and collaborates with the private sector to shape carbon market regulations. They aim to create a structured ecosystem connecting buyers and sellers in the carbon market, financing community forest management efforts crucial for carbon sequestration and poverty reduction