With very strong decarbonization efforts globally, Africa’s second largest copper hotspot Zambia is readying to be ahead of the curve with electric vehicle charging solutions. Barely a few months ago the two copper hotspots Zambia and Democratic Republic of Congo signed economic protocols for the manufacture of electric batteries leveraging off copper, cobalt, lithium and manganese deposits in the Copperbelt of Africa. The Lithium chargeable battery then breeds demand for charging ports to replenish battery power which ZESCO ltd the power utility in the Southern African nation is readying for.
READ ALSO: Africa’s Copperbelt readies to Commercialize Global Decarbonization through Electric Car Battery and Clean Energy Value Chain Agreements
Speaking on the sidelines of the recently held agricultural and commercial show, power utility chief executive officer Victor Mapani hinted that the entity was at the verge of rolling out power charging ports across the nation to allow for electric vehicles to restore charge.
“In this country, basically, the future is here. We want to move away from using fossil fuels to drive us around to use electricity. As Zesco we would like to take a lead in ensuring we start mounting chargers wherever and where need is. “What is very interesting is the cost of energy that you use in an electric car and the cost of energy use in a fossil fuel car. The difference is about six times. Six times cheaper to drive an electric car,” he said. “One of the biggest things about an electric charger is for example, Zambia, our electricity is almost 90 per cent hydro which is clean energy. So it means we’ll be using clean energy to power houses and to drive our cars. We are going to be put somewhere on the map in terms of reducing the carbon print if we accelerate the use of electric cars. Each car will come with its domestic charger which will be using the normal socket in your house, charging in about 12 hours. So this is a good innovation. And I think it’s a good thing for Zambians. Now the appetite on how fast Zambians want to move, will be driven by how well we put up this case to them.”
Afriexim Bank to inject quarter of a billion dollars in EVBs
Barely a few weeks ago the Africa Export and Import Bank (Afreximbank) pledged $250 million support in financing Zambia’s first battery plant in the Copperbelt of Africa. This was revealed by Afriexim President Benedict Oramah in Lusaka that the bank was looking to invest between $150 million to $250 million to establish a battery plant in Zambia. Africa’s red metal hotspot will seek to set up an industrial park that will house the plant. Afriexim is working with United Nations Economics Commission for Africa (UNECA) which will guide with policy intervention as the lender provides the finance.
Global decarbonization efforts have seen aggressive intervention and accelerated efforts in rolling out electric cars by the likes of Tesla, Mercedes and Ford to mention but a few with greater commitment from western nations that seek to phase out fossil fuel propelled engines by 2050. As for the green metal producing countries like Zambia and DRC, greater positioning has been seen in the last few months with realization that if urgent action is not taken, then economic fortunes could be at risk of erosion. Value addition remains critical in maximizing proceeds of manufacturing which Zambia has bemoaned over the years for exporting raw materials that have deprived its local industry from expansion and wider earnings.
The Kwacha Arbitrageur
