Nyembezi: Africa can spawn industries to help the world decarbonise

The B20SA Co-Chair, Nonkululeko Nyembezi, recently spoke at the G20 Finance Ministers and Central Bank Governors Meeting in Cape Town, South Africa. Nyembezi highlighted the success of the event, noting the unexpected high turnout of 500 people, primarily made up of international guests. She emphasized the importance of bringing the business community together amidst global fragmentation and uncertainty, and the need to assess whether business relations are still on track. Despite potential political tensions, Nyembezi reassured that the business-to-business interactions have remained strong, especially between the U.S. and South Africa. The event showcased the potential for Africa to spearhead industries in the global decarbonization effort, leveraging the continent's abundant renewable energy sources and critical minerals. Nyembezi proposed the idea of incentivizing industries on the continent to help other countries decarbonize, highlighting the importance of localized manufacturing and benefiting from Africa's resources. As the task forces prepare to kick off their work, Nyembezi expressed optimism for the future, aiming to streamline recommendations by August and advocating for the implementation of innovative solutions. The event will serve as a platform for African countries to showcase their capabilities and contribute as equals in the decarbonization conversation.