Why Africa needs a green bank to fund climate action and build its own renewable technology
Why Africa needs a green bank to fund climate action and build its own renewable technology
Why Africa needs a green bank to fund climate action and build its own renewable technology
Africa holds key green energy minerals but exports them raw. If the continent had its own Green Bank, it could finance local manufacturing and green industry.
Climate change is a profound challenge to the livelihoods of many people in African countries who have contributed so little to its cause. More frequent extreme weather events (floods, heatwaves and droughts) are making hunger, insecurity and displacement much worse. The continent holds an estimated 30% of the minerals that are essential for the future transition away from fossil fuels. However, Africa mostly exports these raw, leaving companies in other countries to reap the rewards of manufacturing low-carbon technologies and digital infrastructure. Sustainable development economists Michael Adetayo Olabisi and Howard Stein propose a new African “green bank” as a solution.