(3 Minutes Read)
Transition minerals are touted to help industries move away from fossil fuels because they are useful in the construction of green energy tools and power sources
African countries could raise their GDP by at least USD 24 billion annually and create 2.3 million jobs through manufacturing and creating favourable trade policies, by investing more in the production of transition minerals.
This is according to new economic modeling from the civil society network Publish What You Pay. Transition minerals are touted to help industries move away from fossil fuels because they are useful in the construction of green energy tools and power sources.
East African Community member countries have many of those –copper, lithium, nickel, and cobalt– found in Uganda, Burundi, the Democratic Republic of Congo, and Tanzania.
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Based on governments’ current stated policies, demand for key transition minerals that Africa produces is expected to rise rapidly. Yet the continent is stuck at the bottom of energy transition value chains while most of the profits are made elsewhere in the world. Moreover, the vast majority of Africa’s transition minerals are destined for manufacturing outside the continent.
