AfDB Annual Meetings: Adesina: Africa must tap into future markets of electric vehicles

The 58th Annual Meetings of the African Development Bank Group are underway in Sharma El Sheikh, Egypt, with a focus on green growth and climate resilience. A major highlight of the event was the opening plenary speech by the President of the African Development Bank Group, Akinwumi Adesina. Adesina emphasized the importance of tapping into future markets of electric vehicles to attract private investment and drive green growth in Africa. He outlined the bank's initiatives to promote renewable energy, green infrastructure, and climate-resilient projects on the continent. The President also highlighted the potential for Africa to become a key player in the global electric vehicle market, leveraging the continent's rich mineral resources such as platinum, cobalt, nickel, and lithium. Adesina stressed the need for African countries to proactively position themselves to manufacture lithium-ion batteries and capitalize on the trillions of dollars projected for the electric vehicle industry. He pointed out that establishing a lithium-ion precursor factory in Africa is significantly more cost-effective compared to China and the United States, presenting a competitive advantage for the continent. Adesina called on governments and development partners to adopt five key approaches to mobilize private financing for climate change and green growth, including establishing national development plans, subsidizing green industries, providing financial guarantees, supporting project development, and transferring public finance infrastructure to the private sector. The President expressed optimism about the opportunities for green growth and emphasized the importance of working with the private sector to achieve a more sustainable and resilient future for Africa. Over the next three days of the annual meetings, participants will delve deeper into these ideas and discuss strategies to climate-proof the continent and promote green economic development.