In an interview with Energy Capital & Power at the Critical Minerals Africa 2024 Summit, Erik Holm Reiso, Senior Partner & Head of EMEA at Rystad Energy, highlighted that despite advancements in alternative battery technologies, lithium-ion batteries will remain the dominant market technology.

“The majority of commercial battery technology providers rely on lithium-ion technology, which means its market share will remain solid,” said Reiso. He also noted that China will lead the market, while Zimbabwe is expected to increase Africa’s share in the global supply chain.

Additionally, the demand for materials such as wood, plastic and critical minerals like cobalt, aluminum and copper, required for the energy transition, will rise from 9 million to 12 million tons by 2050, driven by factors such as improving living standards and population growth.

“African governments need to incentivize development and establish tax policies that facilitate the rapid deployment of critical mineral projects to seize opportunities presented by the energy transition,” said Reiso.

He emphasized the importance of increased private sector participation in providing the funding, services and technologies needed for project rollouts.