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Mining is essential for our daily lives; it is the first step of the value chain of most of the products we use or consume daily.
Energy transition and decarbonisation commitments are generating an unprecedented demand for minerals and metals. This has created a substantial gap between the supply and demand of the critical materials needed for the green economy and new technologies.
The production of many of these critical minerals is concentrated in a few countries, exposing many economies (including EBRD COOs) to supply risks and threatening their path towards decarbonisation. Covid-19, geopolitical conflicts , increasing natural disasters and resource nationalism have resulted in severe disruptions in the supply chains and the weakening of governments and mineral buyers to strategize how to ensure security of an uninterruptable metals supply.
While the role of minerals in the transition to low carbon economies is crucial, mining companies themselves are also under pressure to reduce their carbon footprint and bolster up their ESG practices including the protection of natural ecosystems and respect of human rights.
The role of innovation in the decarbonisation and competitiveness of the sector has become of a paramount importance, and the challenges automation and digitalisation present (e.g. skill set gaps and cybersecurity threats) are topics that deserve careful consideration