The 19th Annual General Meeting (AGM) of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) focused on opportunities offered by the burgeoning demand for energy transition minerals (ETMs) to rethink how benefits are shared and multiplied, while ensuring a just transition.
The Earth Negotiations Bulletin (ENB) summary report of the meeting highlights the critical role of the mining sector in enabling the global shift to a green and digital economy. It notes that “[g]overnments in resource-rich countries should act now to maximize the potential benefits” from the growing demand for cobalt, graphite, copper, lithium, nickel, and rare earths, among other ETMs.
According to the International Energy Agency (IEA), ENB writes, “a concerted effort to stay well below a 2°C global temperature increase would require a quadrupling of critical mineral requirements for clean energy technologies by 2040.” To hit net zero globally by 2050, in line with a 1.5°C warming limit, an even faster transition “would require six times more mineral inputs in 2040 than today.” ENB cites a recent projection estimating that seven ETMs would yield on average between USD 100 billion and USD 260 billion per year in gross revenues from mineral sales over the next 20 years. Under this scenario, mineral-rich countries could get between USD 5 billion and USD 25 billion per year in additional revenue through 2040.
“[M]ineral exporting countries seeking to increase their benefit share from mining critical minerals need to build local refining and downstream processing capacity as part of a broader strategy to boost economic diversification and sustainable development,” said Pedro Manuel Moreno, Deputy Secretary-General, UN Conference on Trade and Development (UNCTAD), during opening.
Themed, ‘Sharing Mining Benefits in the Energy Transition,’ the meeting discussed how to bridge the ETM supply gap, the role of artisanal and small-scale mining (ASM) in the energy transition, and how to ensure host communities fully benefit from mining projects. It also addressed reform of tax and benefit-sharing regimes and how best to ensure a fair, equitable, and inclusive energy transition. The AGM received updates on initiatives in the UN system on mineral resource governance and heard about projects under the direction of the UN Secretary-General and an upcoming UN Environment Assembly (UNEA) debate on environmental aspects of mineral governance.
The IGF was established following the 2002 World Summit on Sustainable Development (WSSD). It serves as a global platform for dialogue among its member governments and stakeholders from mining companies, industry associations, civil society, and international and non-governmental organizations (NGOs). The IGF convened its first AGM in 2005, with 25 member countries. It now has 80 members. In 2015, the IGF Secretariat moved from the Canadian Department of Foreign Affairs, Trade and Development to the International Institute for Sustainable Development (IISD) in Ottawa, Canada.
