New Mechanism for Mitigating Currency Risk to Support Africa’s Energy Transition”   The African Development Bank Group and KPMG South Africa launch report setting out an innovative approach to mitigating the foreign currency risks that often undermine the delivery of energy infrastructure projects across the continent.  Presented at the recent #mission300 Africa Energy Summit in Dar es Salam, #tanzania, the publication argues that African countries can overcome foreign currency volatility and convertibility risks which threaten the affordability and sustainability of privately financed Independent Power Projects (IPPs), by pooling together their mineral resources into a “non-circulating currency” backed by a diversified basket of Africa’s critical commodities.   The concept for the new financing mechanism was developed by the African Development Bank as a means of leveraging Africa’s vast critical minerals’ endowments, which it estimates constitute roughly a third of the quantity needed to drive the global energy transition.     “Africa’s green energy future depends on unlocking innovative financial solutions that empower the continent to harness its vast mineral wealth. The proposed currency convertibility mechanism will play a crucial role in stabilising investment flows and accelerating sustainable development,” says Wale Shonibare, Director, Energy Financial Solutions, Policy and Regulations, at the African Development Bank.  More on the report: https://bit.ly/4jPsutF