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Sustaining the Future: Beyond Remittances to Diaspora Investment in Green Energy

Investing in green energy is beneficial not only for the environment but significantly for the economy. From 2000 to 2020, Africa received almost $60 billion USD in renewable energy investments. During this period, the continent experienced an impressive average growth rate of 96% in renewable energy investments compared to 15% in Asia-Oceania and 7% globally. But despite this higher growth rate, renewable energy investment in Africa only accounts for 2% of global investment over those two decades (International Renewable Energy Agency, 2022). With Africa’s vast renewable energy resources spanning solar, wind, and hydroelectric power, the African diaspora has the opportunity to invest in the green energy sector as a way of contributing to the continent’s sustainable development while generating financial returns.
How can the African diaspora community go beyond remittances to leverage their knowledge, skills, and resources to support and drive investments in renewable energy projects in Africa? How can governments and international organizations work together to incentivize and facilitate investments in green energy in Africa? This panel delves into the vast investment potential of Africa’s renewable energy resources and demonstrates the role of the Diaspora through example investment portfolios.

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Speakers

Thomas Debass

Thomas Debass

Managing Director of the Office of Global Partnerships, U.S. Department of State (Moderator)

Thomas Debass serves as Managing Director of the Office of Global Partnerships at the U.S. Department of State. Thomas is responsible for coordinating the Department’s private sector engagement efforts and providing thought leadership on partnerships related to economic growth, global finance, entrepreneurship, and innovation. His notable partnership accomplishments include: Fishackathon, Unreasonable Goals, Women In Science (WiSci) Camp, Veterans Innovation Partnership (VIP), Liberalizing Innovation Opportunity Nations (LIONS@FRICA), and Boldline PPP Accelerator. Thomas has played a leading role in promoting and institutionalizing the role of public private partnerships as a tool for advancing foreign policy and development objectives.

Mimi Alemayehou

Mimi Alemayehou

Founder and Managing Partner, Semai Ventures LLC

Mimi Alemayehou is the Founder and Managing Partner of Semai Ventures LLC, which collaborates with mission-driven enterprises to advance sustainable development in emerging economies. She is also a Senior Advisor of the Three Cairns Group, an investment and philanthropic firm working to accelerate the transition to a low-carbon economy. Previously, she was Senior Vice President for Public-Private Partnerships at Mastercard where her portfolio included initiatives designed to catalyze social impact and financial inclusion in emerging markets. As Managing Director of the Black Rhino Group and Chair of Blackstone Africa Infrastructure, she advanced major energy and infrastructure projects across Africa.

Magdi M. Amin

Magdi M. Amin

Managing Partner, African Renaissance Partners

Magdi M. Amin is the Managing Partner of African Renaissance Partners, a venture capital firm backing innovators and entrepreneurs who use technology to solve development challenges in East Africa and the Horn. Before launching ARP, Magdi held leadership roles in multilateral development banks, philanthropy, government, and the private sector. He served as Sr. Advisor to the Minister of Finance in the Transitional Government of Sudan (2020-2021), helping with macroeconomic stabilization, access to multilateral finance, external debt restructuring, and reforming the financial sector. Magdi spent two decades with the World Bank and IFC, in Bangkok, Addis Ababa, and Cairo focused on private sector development, economics, and strategy.

Ali Diallo

Ali Diallo

Founder of Aurion Capital and Managing Director of NOVA Prime Fund

“Tonton” Ali Diallo is a Senegalese American investor and entrepreneur focused on sustainable capitalism which combines profit, planet, and purpose. He is the Founder of Aurion Capital, an investment holding group, and the Managing Partner of NOVA West Virginia Investment Fund. He serves as a Managing Director at Clearbrook, an investment firm with over $10B in Assets Under Management where he co-leads ClearImpact Ventures, a VC firm that manages NOVA Prime, a fund he launched with LG Electronics. He co-founded United Capital, a Dubai-based industry consortium; Blutel, a company addressing the digital divide; and ACE (Alliance for Connected Economies), a global investment initiative that builds bridges between the US and the EMEA.

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