dc.contributor.author	Cust, James
dc.contributor.author	Zeufack, Albert G.
dc.date.accessioned	2023-03-27T18:22:58Z
dc.date.available	2023-03-27T18:22:58Z
dc.date.issued	2023-04-03
dc.description.abstract	This book examines the role for natural resource wealth in driving Africa’s economic transformation and the implications of the low-carbon transition for resource-rich economies. Resource wealth remains central to most Sub-Saharan African economies, and significant untapped potential is in the ground. Subsoil assets—such as metals, minerals, oil, and gas—are key sources of government revenues, export earnings, and development potential in most countries in the Africa region. Despite large reserves, success in converting subsoil wealth into aboveground sustainable prosperity has been limited. Since the decline in commodity prices in 2014, resource-rich Africa has grown more slowly than the region’s average growth rate. Finding ways to more effectively harness natural resource wealth to drive economic transformation will be central to Africa’s economic future. As the world moves away from fossil fuels in alignment with commitments under the Paris Agreement, Africa’s resource-rich countries face new risks and opportunities. Recent estimates suggest that 80 percent of the world’s proven fossil fuel reserves must remain underground to meet the Paris targets, and much of these stranded reserves may be in Africa. This issue of stranded assets and, relatedly, “stranded nations,” has major implications for the many African economies that are dependent on petroleum extraction and export. On the other hand, the energy transition will increase demand for raw material inputs involved in clean energy technologies. The transition from fossil fuels to clean energy may create demand by 2050 for 3 billion tons of minerals and metals that are needed to deploy solar, wind, and geothermal energy. How can African economies tap into these opportunities while managing the downside risk to their fossil fuel wealth? "Africa’s Resource Future" explores these themes and offers policy makers insights to help them navigate the coming years of uncertainty.
dc.identifier.doi	10.1596/978-1-4648-1743-4
dc.identifier.isbn	978-1-4648-1743-4
dc.identifier.isbn	978-1-4648-1744-1 (electronic)
dc.identifier.other	Library of Congress Control Number: 2022919548
dc.identifier.uri	https://openknowledge.worldbank.org/handle/10986/39599
dc.language.iso	en_US
dc.publisher	Washington DC : World Bank
dc.relation.ispartofseries	Africa Development Forum
dc.rights	CC BY 3.0 IGO
dc.rights.uri	https://creativecommons.org/licenses/by/3.0/igo/
dc.subject	NATURAL RESOURCES
dc.subject	COMMODITIES
dc.subject	EXTRACTIVES
dc.subject	MINERAL
dc.subject	RESOURCE-RICH
dc.subject	RENEWABLE ENERGY
dc.subject	OIL AND GAS
dc.subject	CARBON
dc.subject	ECONOMIC TRANSFORMATION
dc.title	Africa’s Resource Future	en
dc.title.subtitle	Harnessing Natural Resources for Economic Transformation during the Low-Carbon Transition
dspace.entity.type	Publication
okr.date.disclosure	2023
okr.guid	099080123145011993
okr.identifier.doi	10.1596/978-1-4648-1743-4
okr.language.supported	en
okr.region.geographical	Africa
okr.topic	Macroeconomics and Economic Growth
okr.topic	Energy
okr.topic	Environment
okr.unit	AFECE; AECC2
relation.isAuthorOfPublication	d9bfc517-057d-4b18-af03-f95cae13355a
relation.isAuthorOfPublication	83529956-4c02-5ee8-99c9-d6e9ab43f3a8
relation.isAuthorOfPublication.latestForDiscovery	d9bfc517-057d-4b18-af03-f95cae13355a

Publication: Africa’s Resource Future: Harnessing Natural Resources for Economic Transformation during the Low-Carbon Transition

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Africa’s Resource Future: Harnessing Natural Resources for Economic Transformation during the Low-Carbon Transition