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Book Cover
E-book

Title Africa's resource future : harnessing natural resources for economic transformation during the low-carbon transition / James Cust and Albert Zeufack, editors
Published Washington, DC : World Bank, [2023]

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Description 1 online resource (xlii, 224 pages) : color illustrations, color maps
Series Africa development forum
Africa development forum.
Contents Front Cover -- Contents -- Foreword -- Acknowledgments -- About the Editors and Contributors -- Main Messages -- Executive Summary -- Abbreviations -- Overview -- The Untapped Economic Potential of Sub-Saharan Africa's Oil, Gas, and Mineral Resources -- The Legacy and Lessons from Africa's Commodity Price Boom and Bust -- Unlocking the Mining Sector's Economic Potential through Regional Integration and the African Continental Free Trade Area -- Looking Ahead to Africa's Resource Future -- Notes -- References
Chapter 1. The Untapped Economic Potential of Sub-Saharan Africa's Oil, Gas, and Mineral Resources -- Introduction -- The Significant Rise in Resource-Rich Countries across Africa in the Past Two Decades -- The Untapped Resource Potential of Africa -- Unlocking SME Potential in the Mining Sector -- Conclusions -- Policy Recommendations -- Annex 1A Analysis of Trade Elasticities -- Notes -- References -- Chapter 2. The Legacy and Lessons of Africa's Commodity Price Boom and Bust -- Introduction -- Outcome 1: Economic Growth in Resource-Rich Africa Collapsed Once Commodity Prices Fell
Outcome 2: Poverty Has Deepened in Resource-Rich Sub-Saharan African Countries -- Outcome 3: Inequality Has Persisted in Resource-Rich Sub-Saharan African Countries -- Outcome 4: Despite Significant Earnings during the Boom, Resource-Rich Africa Failed to Diversify Its Economies -- Export Concentration: The Boom Drove Increased Export Concentration -- Asset Concentration: What Happened to the Wealth of Nations? -- Outcome 5: Governance Was an Important Determining Factor in Outcomes for Resource-Rich Countries -- Governing New Discoveries and Managing Expectations: The Risk of the Presource Curse
Managing Macroeconomic Risks -- Resource-Backed Loans Carry Hidden Risks -- Conclusions: Insights from the Boom-and-Bust Cycle -- Notes -- References -- Chapter 3. Unlocking the Mining Sector's Economic Potential through Regional Integration and the African Continental Free Trade Area -- Introduction -- The African Continental Free Trade Area -- Tariff Barriers -- Nontariff Barriers: Logistics and Infrastructure -- Policy Impediments: Local Content Policy Requirements and Export Restrictions -- Policy Recommendations -- Tariffs -- Nontariff Barriers -- Policy Impediments -- Notes -- References
Chapter 4. Looking Ahead to Africa's Resource Future -- Introduction -- Megatrend 1: The Low-Carbon Transition -- Megatrend 2: Mechanization and Digital Transformation -- Megatrend 3: Environmental Consequences -- Megatrend 4: Long-Term Structural Effects -- Conclusions -- Annex 4A Chile's Nitrate Age, Nitrate Crisis, and Unprecedented Success Story -- Notes -- References -- Boxes -- Box ES.1 Policy Recommendations -- Box 1.1 Strengthening Support to Junior African Mining Companies -- Box 3.1 The Cost of Being Landlocked: The Case of Zambia -- Box 3.2 Alleviating the State-Owned Enterprise Energy Bottleneck in the Mining Sector -- Box 4.1 Will Digital Transformation Adoption Disrupt Work in Africa's Mining Sector?
Summary 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
Notes "A copublication of the Agence française de développement and the World Bank."
Bibliography Includes bibliographical references (pages 200-224)
Notes Description based on resource (World Bank e-Library), viewed July 6, 2023
Subject Natural resources -- Africa, Sub-Saharan
Mines and mineral resources -- Africa, Sub-Saharan
Petroleum industry and trade -- Africa, Sub-Saharan
Economic development -- Africa, Sub-Saharan
Economic development
Mines and mineral resources
Natural resources
Petroleum industry and trade
Sub-Saharan Africa
Form Electronic book
Author Cust, Jim, editor.
Zeufack, Albert G., editor.
World Bank, publisher.
Agence française de développement, publisher.
ISBN 9781464817441
1464817448