Critical minerals, the energy transition and the role of trade

Date: 4 December 2023

Time: 09:40-10:30 GST

Location: Al Waha Theatre (Blue Zone), Blue Zone

Hosted by: UNCTAD, COP28 Presidency, in partnership with UNEP

Description:

The anticipated significant growth in the demand for critical minerals in the upcoming decades to support the energy transition could offer unique development opportunities for mineral-rich developing countries if a different approach is taken. The anticipated investment in extraction and processing is vastly insufficient to meet the expected demand and a just and sustainable transition. There is a need for countries to strengthen their domestic capacities to leverage development gains, avoiding another resources curse at the expense of people and planet. UNCTAD's work on trade of critical minerals addresses current and projected trends in critical minerals' demand and supply as well as social, economic, and environmental impacts of the exploitation of these minerals and offer policy recommendations to facilitate sustainable exploitation, enhanced trade diversification, and domestic resource mobilization for structural transformation to achieve the SDGs. The session will address how trade policy and the multilateral system can facilitate an enabling international trade and investment environment that will help to secure energy transition-related value chains while increasing mineral-rich countries' benefits by fostering 'on-site' value addition and, thereby, creating socio-economic development opportunities.