New Energy
Africa Needs $700 Billion of Finance for Green Energy and Metals
- Standard Bank says financing estimate is for next decade
- Most of the money needs to come from international investors
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Africa will need more than $700 billion in finance over the next decade to develop renewable power and mines to extract the metals required for the green energy transition, according to Standard Bank Group Ltd.
The continent’s financial institutions won’t be able to provide even half of that and most of the money will need to come from investors from elsewhere, Kenny Fihla, chief executive officer of Standard Bank’s corporate and investment banking unit, said.