https://www.engineeringnews.co.za
Africa|Copper|Energy|Financial|Mining|Platinum|Power|Renewable Energy|Renewable-Energy|Resources|Solar|Turbines|Turbines
Africa|Copper|Energy|Financial|Mining|Platinum|Power|Renewable Energy|Renewable-Energy|Resources|Solar|Turbines|Turbines
africa|copper|energy|financial|mining|platinum|power|renewable-energy|renewable-energy-company|resources|solar|turbines-company|turbines-person

Africa needs $700bn of finance for green energy and metals

10th May 2023

By: Bloomberg

  

Font size: - +

Africa will need more than $700-billion in finance over the next decade to develop renewable power and mines to extract the metals required for the green energy transition, according to Standard Bank Group.

The continent’s financial institutions won’t be able to provide even half of that and most of the money will need to come from investors from elsewhere, Kenny Fihla, chief executive officer of Standard Bank’s corporate and investment banking unit, said.

“Many of the minerals that are required to build solar panels, lithium batteries, wind turbines and so on, are found in sub-Saharan Africa,” Fihla said. “Our team has also quantified the amount of investment that is required in that space as in the order of hundreds of billions of dollars.”

African governments are under pressure to extend power supply to the 600-million people — about half of the continent’s population — who currently don’t have access to electricity. At the same time, copper and cobalt deposits in the Democratic Republic of Congo and Zambia, lithium reserves in Zimbabwe and platinum and manganese seams in South Africa are seen as key to providing the materials needed for everything from solar panels to electric vehicle batteries.

“The financial resources that the banking sector in sub-Saharan Africa has will be inadequate for us to be able to support these initiatives completely,” Fihla said. “The bulk of that money will have to come from international investors who want to grow in the renewable space or play a role in the renewable space or in the mining of those critical minerals.”

Fihla, whose bank is Africa’s largest by assets, said in South Africa alone Standard Bank is likely to hit the “upper end” of lending between R250-billion rand ($13-billion) and R300-billion to renewable energy initiatives by 2026.
 

Edited by Bloomberg

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.174 0.228s - 234pq - 2rq
Subscribe Now