By Patience Chat Moses
The Economic Commission for Africa (ECA) has said that Africa must swiftly harness its rich mineral and natural resources to drive a clean energy revolution and accelerate sustainable development amidst the current climate crisis.
The Acting Executive Secretary (ES) of ECA, Antonio Pedro, said this at the 11th Conference on Climate Change and Development in Africa (CCDA) in Nairobi, Kenya.
CCDA was organized to herald the Africa Climate Summit taking place from Sept.4 to Sept.6, themed: Driving Green Growth and Climate Finance Solutions for Africa and the World.
According to Pedro, Africa is a solutions powerhouse for saving the climate.
He said that Africa has abundant renewable energy resources, including 40 per cent of the world’s solar irradiation potential, making it a great location for advancing green hydrogen.
“Already, multiple low-carbon hydrogen projects are in development in Egypt, Mauritania, Morocco, Namibia, and South Africa.
“Africa is also rich in cobalt, manganese, platinum, lithium, and copper, critical minerals for producing batteries and other green transition products.
He noted that the drive toward achieving net-zero emissions is expected to trigger a 40 fold increase in lithium demand and a 25-fold increase in cobalt demand and that “Africa is home to rich natural capital, such as the Congo Basin which contains some of the largest tropical rainforests in the world.”
According to Pedro, a key challenge faced on the continent was effective and sustainably harnessing of its abundant resources for the benefit of its people.
“To mobilize the necessary funding, a paradigm shift is necessary. Africa’s renewable and non-renewable resource are assets for mobilising climate finance and investment.
“The ecological services provided by Africa to the world need to be monetized through carbon markets and other innovative instruments including debt-for-climate swaps.
“Studies show that African countries can mobilise up to 82 billion dollars annually by participating in well-functioning carbon markets.
“Besides, more income can be generated from value chains around non-renewable resources such as critical minerals crucial for battery production.
“Our renewable and non-renewable resources must be harnessed to secure Africa’s human, energy, food, mineral, environmental and climate security, meeting basic needs and fostering sustainable structural transformation,” he concluded.