Global Council for Responsible Transition Minerals

Policy initiative

CONTEXT

With the acceleration of the green transition towards net-zero, demand for minerals essential to the manufacturing of technologies such as wind turbines, solar panels, and electric batteries is projected to significantly increase. According to the International Energy Agency, mineral demand is expected to quadruple by 2040 to meet the goals of the Paris Agreement.

However, a substantial gap exists between the projected demand for transition minerals and current production capabilities. On average, it takes about 16 years from the discovery of a mineral deposit to commence extraction, and only 1 in 100 mining projects successfully reaches the production stage.

Furthermore, efforts to increase the supply of these essential minerals often come with considerable environmental and social risks such as water scarcity, soil pollution, population displacement

Two divides underpin geopolitical fragmentation: the East-West race for market dominance, which is creating blocs of influence, and the growing divide between the industrialized “North” and the resource-rich “South”. Geopolitical tensions have led to fragmented approaches, with "friend-shoring" becoming a preferred strategy to secure mineral supplies over leveraging comparative advantages. Combined with resource nationalism, these approaches have many risks, including escalating costs and slowing the energy transition.

THE GLOBAL COUNCIL FOR RESPONSIBLE TRANSITION MINERALS

In this context, the Paris Peace Forum has launched an independent, high-level, and multistakeholder effort: the Global Council for Responsible Transition Minerals. This Council leverages the experience and influence of its members to advocate for a collaborative global governance approach across five key workstreams: addressing the fragmentation of multilateral approaches to transition minerals, reshaping mineral markets for global trade, creating and leveraging opportunities for mineral-rich countries, fostering international cooperation for financing responsible mining, and ensuring environmental and social sustainability throughout the supply chain.

The first meeting of the Global Council was held on 10 June 2024. After 6 months of work, the Council released its first set of policy recommendations in an . The Global Council is guided and assisted in its tasks by a brain trust of Special Advisors - independent experts representing a diversity of organizations and sectors - providing support to the Global Council’s work.

INTERIM REPORT & KEY POLICY RECOMMENDATIONS

1. The Global Council calls for further integration of climate, industrial, and mineral multilateral strategies, aligning actors around unified and comprehensive global policies.

2. The Global Council calls for the establishment of a working group to draw a roadmap towards an International Agreement on the Management of Resources. This would serve to foster international collaboration on the access and benefit-sharing of these essential resources.

3. To support global policymaking with well-grounded insights, the Global Council urges the creation of an interoperable mineral data repository to consolidate existing information on mineral endowments, regulations, trade flows, and ESG impacts along the value chain.

4. The Global Council recommends exploring diverse strategies to reduce risks and accelerate financing for responsible mining and refining projects in developing countries, including considering the creation of a global public-private investment mechanism.

5. To ensure that producing countries benefit from their mineral resources, the Global Council calls for a comprehensive examination of strategies aimed at enhancing value creation.

6. To assess the transferability of best practices and to facilitate fact-based decision-making, the Global Council recommends conducting a comparative analysis of mineral markets and supply chains with other commodities.

7. To help prepare for future challenges and explore strategies for building a sustainable and resilient supply chain, the Global Council recommends the conduct of a forward-looking study to examine potential scenarios arising from insufficient mineral supply.

Visit the Global Council for Responsible Transition Minerals website

Read the Call to action (November 2022)

Read the Global Council for Responsible Transition Minerals Interim Report (November 2024)

Follow the Global Council for Responsible Transition Minerals on LinkedIn