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Browsing: Rare earth elements (REEs) in Africa
- Africa’s maritime trade, which hit $22Bn in 2018, will reach $48Bn by 2063 but relies heavily on fossil fuels.
- Shipping fuels global warming and is responsible for 2.5 per cent of greenhouse gas emissions.
- Africa urged to include maritime decarbonisation in NDCs for a greener future.
Africa’s maritime trade continues to grow exponentially. However, in light of the climate change crisis and the continent’s vulnerability, deliberations on decarbonising Africa’s maritime transport have emerged. During the Africa Climate Summit (ACS) in Nairobi, Kenya, a key focus point of the Nairobi Declaration was the urgent need to “accelerate all efforts to reduce emissions to align with goals outlined in the Paris Agreement.” Further, world leaders were urged to support and rally behind the proposed global carbon tax on fossil fuel trade and maritime transport.
During the summit, the “Creating Sustainable Pathways in Africa” session sought to realise eco-friendly shipping and economic growth …
- Africa has huge potential to power global supply chains for automobiles, handsets, food, renewable energy, and healthcare.
- The value of the African supply chain finance market rose by 40% between 2021 and 2022, reaching $41 billion.
- Africa has at least a fifth of the world’s reserves in a dozen metals critical for the energy transition.
- African countries need to capitalize on their comparative advantages and bolster technology adoption, improve logistics and leverage trade agreements.
Riding on its key comparative advantage of driving green transition globally, Africa can become a new hub for international supply chain, including for technology intensive industries. However, to realize this ambition, the ball lies principally in the court of policymakers in Africa and businesses to position the continent at an advantage.
These revelations are contained in the new United Nations Conference on Trade and Development (UNCTAD) Economic Development in Africa Report 2023 released on 16th…