In line with its commitment to driving sustainable growth in Africa’s extractive industry, international finance institution the World Bank is participating in this year’s Critical Minerals Africa (CMA) 2024 Summit. Martin Lokanc, Senior Mining Specialist at the World Bank, will share insights on the bank’s contributions to Africa’s critical mineral sector and the continent’s growing role in the global energy transition and the fourth industrial revolution.
The Critical Minerals Africa 2024 summit on November 6 – 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference on November 4 – 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
“The growing demand for African critical minerals on the global stage requires the continent to leverage the technical expertise of global institutions such as the World Bank. The World Bank represents an ideal and reliable partner to advance investments and Africa’s capability to maximize the entire critical minerals value chain,” stated Rachelle Kasongo, Project Director at CMA organizer Energy Capital & Power.
Africa holds roughly 30% of the world’s critical minerals needed for clean energy technologies. As such, the World Bank is helping African countries capitalize on mineral value chain opportunities for sustainable development and GDP growth. The bank identified investment opportunities for investors within a potential battery cluster encompassing many countries in Eastern and Southern Africa last May. The World Bank also highlighted potential investment areas in the hydrogen value chain across Namibia, South Africa and Zimbabwe as part of the Resilient Inclusive Supply Chain Enhancement (RISE) Partnership, a joint venture initiative aimed at identifying investment opportunities the mid- and downstream value chains of energy transition minerals across Africa.
The World Bank will launch local platforms across various African markets between May 2024 and 2026, showcasing investment prospects and coordinating partnerships between African critical mineral producers and G7 countries as part of the RISE initiative. These platforms will provide best practices to enhance mineral production and trade, addressing challenges identified in country roadmaps.
The World Bank Group is also assisting global mining projects and critical mineral-producing countries, including those in Africa, to advance net-zero strategies and access funding. The World Bank Group published the Net Zero Roadmap for Copper and Nickel Value Chains technical whitepaper in January 2023 to help global players decarbonize the copper and nickel mining value chain, access sustainable finance and contribute to the energy transition. At CMA 2024, Dr. Lokanc will update attendees on how the World Bank is facilitating investments in the African mining sector.
The mining industry consumes up to 11% of global energy use, while 70% of mining projects – including those in Africa – from the six largest mining companies operate in water-stressed regions. The World Bank’s climate-smart mining flagship report, Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition, launched in 2020, and aims to minimize the environmental and climate footprint of African and global critical minerals projects. As such, Lokanc is expected to discuss the World Bank’s approach to environmental sustainability within Africa’s critical mineral sector during this year’s monumental summit.
