As energy systems evolve on a global scale, the shift to a clean energy economy will depend on fulfilling critical mineral supply needs. Demand for materials and Rare Earth Minerals is expected to grow fivefold over the next two decades.

For our future energy transitions, however they unfold, we will require enormous resources in the form of energy, minerals, metals and other materials along with all of the underpinnings. We also will require ample human talent and vast financial commitments.

The Minerals Heartland, where first use of native metals by humans occurred, reaches from Africa through the Middle East and into Central Asia.

Mining has long suffered from the perception that it is a purely extractive industry, exploits the communities that companies operate in, and is slow to the uptake when it comes to innovation and new technologies. In recent years, we’ve seen the emergence of new initiatives to change that perception, increase trust between communities, companies, and governments, and investment in innovation to create prosperity beyond the life of the mine.

Saudi Arabia is establishing the framework to make it a mining hub capable of supporting expanded mining operations across the region. This ambition would create expansive employment opportunities and includes building a mining services and technology sector.

The energy transition and the companies at the forefront of this transition – auto OEMs, solar and wind manufacturers, other downstream companies, and governments – demand a supply of metals that is adequate, affordable, secure, and that is responsibly extracted and processed, commonly referred to as responsibly sourced. The clock is ticking against 2040/2050 emission reduction targets and business targets (like auto OEMs (original equipment manufacturers) selling only EVs by 2035/2040), and solving this problem will require a significant mindset shift across the industry and a turbocharged investment in innovation.