As the world accelerates toward a low-carbon economy, eyes turn to Africa. Not for its landscapes or wildlife, but for what lies beneath its soil: cobalt, lithium, copper, rare earths, and other minerals essential for making batteries, wind turbines, and solar panels. The continent holds a significant share of the world's reserves of these resources, placing it at the center of a new energy geopolitics.
According to estimates from international organizations, Africa holds more than 30% of the world's reserves of critical minerals for the energy transition, including cobalt, manganese, and platinum.
The resource curse, can it be reversed?
Historically, natural resource extraction in Africa has been associated with the so-called 'resource curse': countries rich in minerals but with high levels of poverty and conflict. However, the current dynamics are different. Global demand for critical minerals has driven up prices and attracted unprecedented investment, but it has also sparked debate on how to avoid repeating past mistakes.
African governments, from the Democratic Republic of the Congo to Namibia, are pushing new policies to ensure that mineral extraction translates into local development. Some have imposed restrictions on raw material exports to encourage domestic processing. Others seek agreements with international companies that include technology transfer and job creation.
Critical minerals
These are elements essential for clean technologies and electronics, such as cobalt, lithium, nickel, and rare earths. Their extraction and processing concentrate enormous geopolitical value.
Energy and development: two sides of the same coin
The paradox is evident: Africa is rich in energy resources, but millions of people lack access to electricity. The global energy transition could change this situation. Investing in renewable energy on the continent would not only help mitigate climate change but could also boost industrial development and improve quality of life.
Solar and wind energy projects are emerging in countries like Morocco, Kenya, and South Africa. Geothermal energy also shows great potential in the Great Rift Valley. However, financing remains a challenge, and many experts point out that international cooperation must be more equitable.
The International Energy Agency estimates that Africa needs annual investments of around $25 billion to achieve universal electricity access by 2030.
Governance: the key to Africa's future
The development of mineral and energy resources depends not only on geology. Governance is the determining factor. Transparency in contracts, responsible management of revenues, respect for the environment and local communities are essential elements for underground wealth to become visible well-being.
Initiatives like the Extractive Industries Transparency Initiative (EITI) have gained ground in several African countries. However, progress is uneven. Civil society plays a crucial role in demanding accountability and a fairer distribution of benefits.
What does this mean for the world?
The way Africa manages its mineral and energy resources will have global repercussions. If extraction is done sustainably and fairly, it could become an engine of economic growth that benefits both local populations and the world economy. If not, it could exacerbate conflicts and inequalities.
For technology and automotive companies that depend on these minerals, Africa's stability is essential. For governments in the global North, cooperation with Africa is an opportunity to build alliances based on mutual respect and shared benefit. Africa is at a crossroads, and the decisions made in the coming years will define the continent's path and that of the world.