12k Energy Group says the cooperating agreement that Zambia signed with the Democratic Republic of Congo (DRC) for the manufacturing of electric car batteries has challenged the private sector to provide products and services that should move consumers away from fossil fuels to clean energy.
Company Chief Information Officer Kellys Kaunda said such a move would involve a lot of capital injection because being able to reengineer the Zambian economy from fossil fuels to clean energy will require a lot of money.
Speaking in an interview with the Zambian Business Times-ZBT, Kaunda explained that the revolution from fossil fuels to clean energy such as electricity requires government clearing the policy framework that should be able to facilitate business interactions and the kind of legal framework that the new companies will be working in.
Kaunda added that this agreement has signaled that there is going to be a policy framework that will facilitate these collaborations among companies in different countries adding that government does not create jobs but only provides a legal framework and institutional framework as the actual work is done by the private sector.
He noted that the company is trying to identify financial institutions that could buy into its project proposal adding that it has been talking to development institutions such as the European Union, which has funds going into projects intended to move away from fossil fuel to clean energy.
Kaunda added that the company would also be talking to the African Development Bank, which also has resources to this effect among other development institutions adding that he hopes government will capitalize the Development Bank of Zambia and the Industrial Development Corporation so that it also plays a part in providing resources and working with the private sector.
