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Source– This post is based on the article “COP28: Africa set to scale up green growth through Green Industrialisation Initiative” published in “DownToEarth” on 3rd December 2023.
Why in the News?
African leaders launched the Green Industrialisation Initiative during the third day of COP28, aiming to accelerate green growth in African industries and attract finance and investments.
What are the key features of Green Industrialisation Initiative?
1) The initiative builds upon the existing $4.5 billion Africa green investment from the United Arab Emirates (UAE)
2) The leaders emphasized on developing long-term plans for green industrialization.
3) Significance –
a. It highlights Africa’s priorities for industrial transition and the need for just and equitable partnerships.
b. The initiative underscores the importance of green industrialisation to harness Africa’s vast and quality resources to secure prosperity for all.
c. It aims to position Africa as a global supplier of green energy and resources.
What is the potential of Africa for Green Industrialisation?
1) Africa has 40 per cent of the world’s critical minerals necessary for energy transition such as bauxite, chromium, cobalt, copper, gold, iron, etc. and has the world’s largest natural carbon sink.
2) The continent has potential of exporting green steel through reserves of iron ore and production of green hydrogen, huge bauxite reserves for green aluminium and renewables assets in the Sahel region.
UPSC Syllabus- Environment/ Geography
