Report has been released by UN Secretary-General’s Panel on Critical Energy Transition Minerals (CETMs), established to develop guiding principles for energy transition.
- CETMs are minerals necessary to construct, produce, distribute and store renewable energy.
- They include Rare Earth Elements, copper, cobalt, nickel, lithium, graphite, cadmium, selenium etc.
- Demand for CETMs expected to triple by 2030 as the world transitions from fossil fuels to renewable energy.
About the Report
- Report outlines seven Guiding Principles (see infographic) and five Actionable Recommendations to ground the renewables revolution in justice and equity.
- Guiding principles are required as increasing demand for CETMs risks perpetuating commodity dependence, exacerbating geopolitical tensions and environmental and social challenges, and undermining efforts towards the energy transition.
- Actionable Recommendations include establishment of:
- A high-level expert advisory group to accelerate greater benefit-sharing, value addition and economic diversification in CETMs value chains.
- Global traceability, transparency, and accountability framework along entire mineral value chain.
- Global Mining Legacy Fund for strengthening financial assurance mechanisms for mine closure and rehabilitation.
- Initiative that empowers artisanal and small-scale miners for responsible mining.
- Material efficiency and Circularity targets to balance consumption and reduce environmental impacts.
