According to “Standard Bank Group”, Africa needs more than $700 billion in financing over the next decade to develop renewable energy and mines to extract minerals needed for the green energy transition. Kenny Vihla, chief executive of “Standard Bank's” corporate and investment banking unit, noted that financial institutions on the African continent will not be able to provide even half of that, and will need to bring in most of the money from investors elsewhere.
"There are many minerals required to build solar panels, lithium batteries, wind turbines, etc. in sub-Saharan Africa. Our team has also determined the amount of investment required in that area in the range of hundreds of billions of dollars," Vihla said.
Source (Al-Arabiya.net Website, Edited)
