Saudi Arabia could play a significant global role in the supply and use of precious minerals to support the transition to green energy. This is according to the Payne Institute for Public Policy at Colorado School for Mines, USA ahead of the Future Minerals Forum in Riyadh.
FMF’s second edition will begin at the King Abdulaziz International Conference Centre, on January 10, and continue until January 12, 2023.
According to the organizers, the Ministry of Industry and Mineral Resources, the forum will focus on the potential of a new mining center in Africa, Western, and Central Asia to supply the minerals and metals required to power the clean-energy transition.
Ministers stressed the importance of working closely with many partners to create stable markets and ensure that the minerals industry is transparent, fair, and collaborative.
It said that despite a significant increase in investment in Middle East hydrocarbons, the kingdom will attract $32 billion in order to be a major player worldwide in mining production.
Payne Institute, which published its paper, stated that it was an exciting time for critical mineral resources and that the kingdom could be in a strong position to develop clean energy. It is located in the middle of a vast super-region that is rich in minerals stretching from Africa to Central Asia.
This topic is at the center of the international debate at the FMF, which examines how precious minerals are required to power clean energy items like electric cars, smartphones, solar panels, wind farms, and microchips.
In its paper, the US Institute advises that this goal requires a long-term commitment and a coherent strategy.
International agreement at all levels is essential to make the most of this chance. It stated that governments, businesses, and communities all need to collaborate to rethink how minerals are extracted and used on a global scale, as well as to provide sustainable and resilient mineral supply chains.
The Payne Institute admitted that any economic transition from hydrocarbons into clean energy would be difficult. It stated that it would take many decades.