Over the next decade, Africa will need funding of over 700 billion dollars to develop renewable energies but also to develop the mining sector linked to the extraction of metals necessary for the green energy transition. The data was released by Standard Bank Group.
Mainland financial institutions won’t be able to provide even half of that amount, and most of the money will have to come from investors in other countries, said Kenny Fihla, chief executive of Standard Bank’s corporate and investment banking unit.
“Many of the minerals needed to build solar panels, lithium batteries, wind turbines are found in sub-Saharan Africa,” Fihla said. “Our team has also quantified the amount of investment needed in this area in the hundreds of billions of dollars.”
African governments are under pressure to extend energy supplies to the 600 million people – about half of the continent’s population – who currently lack access to electricity. At the same time, copper and cobalt deposits in the Democratic Republic of the Congo and Zambia, lithium reserves in Zimbabwe and platinum and manganese deposits in South Africa are considered essential to supply the materials needed by the green sector, from solar panels to batteries for electric vehicles. [Da Redazione InfoAfrica]
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