RIYADH — As the desert sands settled on COP28, a question hung in the air: Did the world just take a step towards climate salvation, or stumble further down the path of peril? Opinions diverge, but one key takeaway from the Dubai summit deserves a closer look – the hidden fuel powering the green energy revolution: critical minerals.
As a delegate at the conference I was eager to see so many critical issues finally getting the attention they deserved.
UN climate chief Simon Stiell offered cautious optimism, declaring, “While Dubai didn’t extinguish the fossil fuel era, it kindled the ember of its demise.” The UAE Consensus, COP28’s closing statement, outlined a shift away from fossil fuels towards cleaner sources, aiming for net-zero emissions by 2050. This monumental agreement, lauded by figures like John Kerry, marked a landmark achievement.
The achievements of COP28 speak to the capabilities of Sultan Al Jaber the COP28 president and his team.
Yet, the road ahead remains treacherous. Whispers of conflict of interest and doubts about a 1.5°C cap on global warming haunted the summit. New oil and gas deals cast a shadow, seemingly at odds with the event’s core ambition.
Now, with COP28 fading in the rearview mirror, crucial questions remain: How do we translate lofty climate goals into tangible action? How do we meet the Paris Agreement’s targets?
This year I attended another critical forum in Saudi Arabia which offers potential solutions to these issues. This was the Future Minieral Forum in Riyadh. Held so soon after COP28 it is not surprising the two events echoed each other.
At COP28 UN Secretary-General António Guterres stressed the need for their sustainable and just extraction, highlighting the skyrocketing demand for minerals like copper, lithium, and cobalt – their need set to quadruple by 2030. Guterres championed a just transition, recognizing developing nations as more than mere resource providers.
These minerals are the unsung heroes of the green revolution. They form the backbone of electric vehicle batteries, wind turbines, and solar panels – the very tools required to break free from fossil fuels. Without a steady supply, the energy transition remains a mirage.
Bridging the gap between climate aspirations and reality demands forging sustainable, responsible, and resilient mineral supply chains. COP28 witnessed the signing of several deals aimed at securing access to these critical resources, solidifying the urgent need for international cooperation.
As the world pushes towards a cleaner future, one thing is clear: collaboration on minerals is no longer a choice, but a necessity. Only through global partnerships can we create the mineral ecosystems that will fuel the green revolution and truly extinguish the flames of fossil fuels.
The conclusion of COP28 in Dubai last year left the world pondering whether it marked a success or failure in the ongoing battle against climate change. Regardless of one’s perspective, a theme emerged from the event that deserves attention: the pivotal central role of critical minerals in the energy transition.
Saudi Arabia is located at a critical position in this transition. At the center of an emerging super region as SPG Global recently noted:
“Making the metals and mining sector the third pillar of its economy, Saudi Arabia is taking a holistic approach to invest in the sector inside and outside the country. From unveiling $182 million in exploration incentives and 33 new mining licenses this year, to setting up Manara Minerals in 2023 and making a major deal in taking a 10% stake in Vale Base Metals only a few months later, Saudi Arabia is making sure that the country is seen as determined in its efforts to become the leader of the “super region”, which has become the new buzzword, comprising Africa, the Middle East, Central Asia and South Asia.”
Coupling this wealth with its financial muscle Saudi Arabia can ensure the minerals that are mined today will have an impact tomorrow. Saudi Arabia Vision 2030’s focus on diversification and I reflected on that during my trip to Riyadh where one in three vehicles will be electric by 2030 – also just in time for the 2030 Riyadh Expo.
UN climate chief Simon Stiell expressed cautious optimism, stating, “While we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end.” The UAE Consensus, the concluding statement of COP28, called for a transition away from fossil fuels towards cleaner energy sources, with the aim of achieving net-zero emissions by 2050. This landmark agreement marked significant progress and was hailed as a historic success by figures like John Kerry, the United States Special Presidential Envoy for Climate.
To bridge the gap between ambitious climate goals and their realization, urgent collaborative action on minerals is required. Initiatives promoting global cooperation in establishing new mineral value chains are gaining momentum, recognizing the importance of securing mineral supplies responsibly.