The race to net zero has triggered a new scramble. Not for oil, but for the minerals that power the green and digital revolutions. Without fair mineral partnerships that create value at home for producing countries, the promise of a just energy transition will ring hollow.
Lithium, cobalt, graphite, nickel, and rare earths are now as strategic as hydrocarbons once were, fueling batteries, turbines, solar panels, and data centers. Demand is soaring: The World Bank predicts that the production of minerals will increase by nearly 500% by 2050.
Governments and companies are moving fast to secure supplies. The EU’s Critical Raw Materials Act backs a pipeline of projects, including beyond its own borders, from Zambia to Madagascar. In December last year, European Commission President Ursula von der Leyen unveiled the RESourceEU Action Plan, committing close to €3 billion to support minerals projects and strengthen Europe’s supply. Washington is launching the Mine of the Future initiative, committing $95 million to revitalize the domestic mining landscape, further intensifying global competition for investment and technology. Beijing is implementing permitting reforms to accelerate domestic mining and tightening its dominance in refining, including by limiting its minerals exports.
About the authors
Sheila Khama
Sheila Khama is the former CEO of De Beers Botswana. She worked for the World Bank and the African Development Bank’s mineral, oil, and gas policy advisory units. She is nonexecutive director of Base Resources, the Metals Company, and Tullow Oil, and a member of the Global Council for Responsible Transition Minerals.
Kadri Simson
Kadri Simson most recently served as European Commissioner for Energy, leading EU energy transition efforts under the European Green Deal and Fit for 55. Formerly Estonian minister of economic affairs and infrastructure, she now serves at Columbia CGEP and as a Global Council for Responsible Transition Minerals member.
