EITI (Extractive Industries Transparency Initiative) la ut dette på nytt
At the Norwegian-African Business Association (NABA) Summit ast week, I shared insights on how a Nordic-Africa partnership can shape the future of sustainable mine-energy value chains. 🙏🏾Shared priorities?: Norway joined the US led - Mineral Security Partnership in 2023 to secure a sustainable and responsible minerals supply chain. Seeking to address its mining legacy, Africa’s strategic for its critical minerals has been clear: a move beyond an extractivist and export-oriented investment model to sustainable value creation partnerships. Can the Nordic success of resource governance be front and centre of investment drive in Africa? 🤝 Mutually beneficial partnership for value creation: By refining cobalt locally, DRC export value surged from $167 million for unprocessed cobalt to $6 billion for processed cobalt in 2022, increasing the mineral's price from $5.8 to $16.2 per kilogram (UNCTAD). By refining its bauxite into alumina, Ghana could have generated an estimated $330 million in 2019, instead of the $34 million it generated (GHEITI). The sweet spot moving forward lies between securing supply chain and building local and regional value chains. Who leads this, leads the way on how the transition can be better managed. Cautious optimism; the key phrase. 💵 Derisking to derisk: Over a trillion USD of critical mineral investment is needed by 2035. Africa has so far secured less than 10% of what is needed. The MSP’s strategy of de-risking away from China also requires addressing the Africa risk (perception) premium. 📈African governments are making progress to build transparent and accountable investments regimes through initiatives such as the #EITI. A predictable policy landscape remain critical for investors who are demonstrating appetite to invest in Africa as evident in the recent #NABA 2024 Summit. ⏳The window for investment is moving fast. Yet, governance cannot be deprioritised. In fact, strong governance is required to manage risks, clarify geological potential, unlock finance, ensure value creation and secure a sustainable future. Vivek, thanks for a well moderator session. Chipokota, Veronica, Solveig, Nyoka, Ana, appreciate the insightful dialogue. Mathilde and team, thanks for pulling off another solid summit. Looking forward to reading the book. #NABA2024 #SustainablePartnerships #CriticalMinerals #NorwayAfrica EITI (Extractive Industries Transparency Initiative)| Norwegian-African Business Association (NABA)