AfDB President calls on business leaders to invest in decarbonize African industries

The President of the African Development Bank, Akinwumi Adesina, called on African business leaders to take advantage of investment opportunities in Africa and decarbonize their industries more quicky during the COP28 global climate conference in Dubai.

“Africa is a very reliable destination for investment,” since the continent has a “dominant position in terms of green metals, the critical metals that will support storage and energy systems,” Dr Adesina said on the third day of the conference.

The continent also has a green hydrogen market that is set to increase from around USD 5 billion in 2022 to USD 134 billion in 2032, an electric vehicles market estimated to reach USD 7,000 billion by 2050, and manufacturing capacity for non lithium-ion batteries that is three times less expensive in Africa than in the United States, Poland or China.

“We have 11 terawatts of solar energy, 350 gigawatts of hydroelectricity, 110 gigawatts of wind energy and 15 gigawatts of geothermal resources. There is absolutely no reason why we cannot have 100 percent electricity in Africa,” he continued, pointing out that this should be “enough to trigger an energy revolution and transform the continent”.

Source: devdicosurse