Africa holds vast mineral wealth -- from the rare earths in conflict-hit Democratic Republic of Congo to oil-rich Nigeria -- but has struggled to capitalise on its resources after decades of colonial plunder, and subsequent mismanagement and corruption.

The 54-nation African Union met this week for a climate summit in the Ethiopian capital, Addis Ababa.

In a statement published Wednesday, it said it would "explore and support the establishment of a coalition of critical mineral-producing countries of Africa to promote strategic and sustainable regional cooperation".

Labelling the move "Africa's Green Minerals Strategy", the AU said it would be a "vehicle for harnessing Africa's vast mineral wealth for climate-resilient development".

The move comes as Washington looks to secure a supply of strategic minerals from the DR Congo, in an attempt to challenge China's near-monopoly on the lucrative sector.

UN head Antonio Guterres said in August that Africa could become a "renewable superpower" as it taps the raw materials needed for green technology around the world.

The International Energy Agency (IEA) expects demand for critical minerals to quadruple by 2040.

Despite contributing the least to global pollution, African nations "are the worst affected by the impacts of climate change and the least able to meet the costs of adaptation, resilience, sustainable development and mitigation," the AU said.

It demanded "stronger international commitments and partnerships to close the finance gap and support adaptation, resilience, and sustainable development".

But it also said Africa must rely on itself, saying nations must "enhance their capacity to mobilise resources and support climate action financing in Africa".

At last year's UN COP29 summit in Azerbaijan, rich nations pledged $300 billion a year in climate finance for developing nations, an amount decried as woefully inadequate.

One of the goals of Brazil for this year's COP30, which will take place in Belem in November, is to find other sources of finance to plug the shortfall.