African Countries Urged to Prioritize Green Mineral Value Chains

He was speaking during a panel discussion on 'Building a regional battery mineral value chain in Africa,' jointly organised by ECA and Afreximbank, on February 26, ahead of the 9th Africa Regional Forum on Sustainable Development to be held in Niamey from February 28 to March 2.

"We have clear opportunities not only from the global green mineral boom but also from our domestic achievements, such as the African Continental Free-Trade Area to facilitate the development of regional value chains for these green economy products," Pedro said, noting several innovative financing mechanisms that were developed to support initiatives such as the battery and electric vehicles value chains.

He deplored the fact that about 70% of the region's exports are unprocessed commodities, a situation that can change with the right policies that prioritise industrialization and value-addition in mining and other resource sectors. "We are working on a framework agreement for special economic zones for the production of batteries, electric vehicles and accessories and we will facilitate the commencement of studies to facilitate the development of this facility," Doherty said.

The report estimates the global market opportunity for electric vehicles at $7 trillion by 2030 and $46 trillion by 2050.

Source: Energy Industry News (energyindustrynews.net)

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