Carbon Emissions
Africa launches a new gold standard currency plan backed by minerals
Africa's Development Bank proposes a new "gold standard" style currency arrangement, backed by minerals like cobalt and copper, as well as lithium, manganese, and some of the rare earths that are key to the energy transition in the world and electric vehicles. African Development Bank reported that the 54-nation area, which contains about 30% of critical mineral reserves in the world, only attracts 3% of all global energy investments every year. The AfDB said that this is partly due to the volatile currency markets on the continent. It is proposing an "non-circulating" currency, called African Units of Accounts (AUA), which...