\n
Africa\u2019s vast deposits of minerals critical to the global energy transition, such as cobalt, copper and lithium, can power a sustainable energy future, UN Trade and Development Secretary-General, Rebeca Grynspan, said.<\/p>\n
She spoke during an event held in Addis Ababa, Ethiopia, and online on 4 June as part of the organization\u2019s 60th-anniversary celebrations.<\/p>\n
The event, themed \u201cMaximizing Africa\u2019s potential: Leveraging demand for critical minerals to boost inclusive growth and sustainable development\u201d explored ways to optimize the development benefits of these minerals.<\/p>\n
\u201cCobalt, manganese, graphite, and lithium are not just elements on the periodic table,\u201d Ms. Grynspan said. \u201cThey can be the building blocks of a new era \u2013 powering our homes, driving our vehicles, and connecting our world. Catalyzing a green revolution that can lift millions out of poverty and create a fairer world.\u201d<\/p>\n
But to realize this vision, Ms. Grynspan said, the world must break free from the past and reject the extractive model that has kept resource-rich nations dependent and poor.<\/p>\n
\u201cInstead, we must embrace a new paradigm that prioritizes domestic value addition, fosters regional integration and empowers local communities,\u201d she added.<\/p>\n
Value addition and justice are key<\/strong><\/p>\nThe UN Economic Commission for Africa\u2019s deputy executive secretary, Antonio Pedro, said adding value to critical minerals in Africa could make the continent a competitive hub for green industrialization.<\/p>\n
\u201cImagine the potential if African minerals are processed into African batteries, installed into African cars that are driven across the continent and the world,\u201d he said.<\/p>\n
\u201cThis would accelerate the deployment of renewable energy and the electrification of transport systems on the continent, create decent jobs and make Africa a competitive hub for green industrialization,\u201d Mr. Pedro added.<\/p>\n
He also called for justice and equality in how minerals are harnessed in the global energy transition and the drive towards sustainable development, noting that a mining boom that does not deliver benefits for everyone across the society, \u201cwill leave us back at square one.\u201d<\/p>\n
The African Union Commission\u2019s deputy chairperson, Monique Nsanzabaganwa, underlined that harnessing critical minerals for sustainable development in Africa would require a different and strategic approach to policymaking to position the continent as a new global growth pole.<\/p>\n
\u201cIn addition to the right policy mix, it also requires fair international structure and systems, especially in terms of regulations and rules,\u201d she said.<\/p>\n
She cautioned that some current rules and those in the making threatened to affect African countries\u2019 efforts to increase and enhance beneficiation and value addition on the continent.<\/p>\n
\u201cIt wouldn\u2019t make sense to not trust our continental certification systems and instead condition Africa\u2019s minerals to go hit another certification system just to come back to us for value addition or trade among ourselves,\u201d she said.<\/p>\n
A new development course<\/strong><\/p>\nThe event brought together leaders, diplomats, experts and key stakeholders to chart a new development course in Africa by exploring ways to better harness the continent\u2019s critical mineral wealth.<\/p>\n
Africa is home to sizeable reserves of the world\u2019s critical energy transition minerals: 55% of cobalt, 47.65% of manganese, 21.6% of natural graphite, 5.9% of copper, 5.6% of nickel, 1% of lithium, and 0.6% of iron ore globally.<\/p>\n
But the continent has yet to fully seize the opportunities presented by its natural resource endowments. Estimates show that African countries generate only about 40% of the revenue they could potentially collect from these resources.<\/p>\n
Amid current global crises, limited fiscal space, slow growth and high debt, African countries need to maximize the financial and development benefits of these resources.<\/p>\n
Participants discussed ways to enhance revenue mobilization and fiscal administration, boost regional value chain integration and increase investment in infrastructure, skills and innovation to support minerals-based industrialization on the continent while promoting climate action.<\/p>\n
The event set the stage for further discussions scheduled to take place during the Global Leaders Forum from 12 to 14 June in Geneva to mark UN Trade and Development\u2019s 60th anniversary.<\/p>\n
Source:\u00a0<\/strong>unctad.org<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Africa\u2019s vast deposits of minerals critical to the global energy transition, such as cobalt, copper and lithium, can power a sustainable energy future, UN Trade and Development Secretary-General, Rebeca Grynspan, said. She spoke during an event held in Addis Ababa, Ethiopia, and online on 4 June as part of the organization\u2019s 60th-anniversary celebrations. The event, […]<\/p>\n","protected":false},"author":1,"featured_media":188349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-188348","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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