China has taken significant steps to deepen its relationship with Africa by funding large infrastructure projects across the African continent over the past decade. With several large-scale projects completed in multiple countries, Beijing is now shifting gears and transitioning its African economic policies to electric vehicles, 5G technology and solar.
As a result, renewable energy is poised to take a prominent spot on the agenda during the ongoing ninth Forum on China-Africa Cooperation (FOCAC). Starting Sept. 4, 2024, the forum will showcase China’s newfound commitment to promoting renewable energy in Africa. As the largest manufacturer on the globe, China produces more emissions than any other country and is the world’s largest polluter.
On the upside, China’s investment in clean energy has made it the most dominant player in the green-energy space. The country manufactures the most solar panels on the globe and deploys more solar-energy infrastructure than any other country annually. China is now looking to turn its solar energy prowess toward its decade-long collaboration with its various African partners, especially since Africa holds massive reserves of the minerals that are key to the green-energy transition.
The new focus on clean energy in Africa will also provide China with a new market for its green-energy products. Chinese president Xi Jinping has been in bilateral talks with African heads of state since Sept. 2, 2024, and is expected to argue the need for deeper ties in the green-energy space once the Forum on China-Africa Cooperation officially begins.
China is focusing on renewables in Africa to secure raw materials such as cobalt and nickel, which serve as raw materials for EV batteries as Chinese EV makers ramp up electric vehicle production. Furthermore, China is desperate to lock down a new market for its green-energy products in the face of trade restrictions by western nations.
The European Union levies up to 38% import tariffs on Chinese EV imports, the United States passed a 100% tariff on Chinese EVs and Canada passed a similar EV tariff as well as tariffs on steel and aluminum. This means China’s carmakers essentially can’t sell their low-cost electric cars in the largest EV markets outside of China. While Chinese authorities say the tariffs are discriminatory and violate the World Trade Organization’s (WTO) policies, western leaders argue that Beijing used a decade-long EV subsidy program to give itself an unfair advantage in the global electric vehicle industry.
Africa represents a mostly untapped market for Chinese green-energy products now that China is locked out of the west. Furthermore, Africa’s rich reserves of lithium, cobalt, copper, nickel and other minerals make China’s collaboration with the continent in renewable energy a no-brainer.
While China is working to secure green-energy minerals from Africa, a number of enterprises such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are working to be the providers of critical metals in the North American region so that dependence on China and its allies for these metals is reduced.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
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