The US Inflation Reduction Act- designed to promote investments in clean energy- assigns a central place to strategic metals used in energy transition industries such as lithium, cobalt, nickel, manganese, and graphite. “Africa is going to play a huge role,” Adeyemo told the agency, adding that the US and its G7 partners are speeding up to bridge the gap with China. Chinese companies expanded their assets in critical metals in Africa as China expands its market share in electric vehicles. Chinese assets include cobalt mines in the DRC and Zambia as well as Lithium assets in Zimbabwe. The African Development Bank chief has this week warned of the detrimental impact suffered by some African economies due to linking loan payment to such critical metals.

Source: The North Africa Journal March 16, 2024 12:31 UTC