• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days They pay YOU to TAKE Natural Gas
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days What fool thought this was a good idea...
  • 5 hours A question...
  • 5 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 11 days The United States produced more crude oil than any nation, at any time.
A Coal Stock Worth Buying?

A Coal Stock Worth Buying?

Buying coal stocks is not…

Under-hedged U.S. Shale Patch Exposed To Falling Oil Prices

Under-hedged U.S. Shale Patch Exposed To Falling Oil Prices

Commodity analysts at Standard Chartered…

Africa Needs $700 Billion In Clean Energy Investment

Africa will need financing of around $700 billion in the next decade to expand green energy development and the mining of key energy transition metals such as cobalt, copper, and lithium, a top executive at Africa’s top lender by assets said.

Hundreds of millions of people in Africa do not have access to electricity, and renewables could be part of the solution, analysts say. At the same time, Africa has resources such as cobalt in the Democratic Republic of Congo, copper in Zambia, platinum and manganese in South Africa, and lithium deposits in Zimbabwe.  

The investment in further development of these resources and funding for more renewable energy power generation will have to come mostly from international investors and institutions because Africa’s banks will not be able to provide all the lending, South Africa-based Standard Bank Group says.

“Many of the minerals that are required to build solar panels, lithium batteries, wind turbines and so on, are found in sub-Saharan Africa,” Kenny Fihla, chief executive officer of Standard Bank’s corporate and investment banking unit, told Bloomberg.  

“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,” Fihla added.

Standard Bank itself expects to reach the “upper end” of lending – the equivalent of around $13 billion – for renewable energy by 2026, the bank’s executive said.  

Standard Bank, however, has defended its role in funding fossil fuel projects.

The bank says that access to energy in Africa will continue to drive its support for fossil fuel projects.

“It is not possible for Africa and many of the African countries to ignore the shortage of electricity supply,” Fihla said in a recent interview with Bloomberg.

“Today’s challenges are not going to be resolved overnight and therefore a much more balanced approach is required,” the executive added.


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News