The Climate-Smart Mining Facility will help resource-rich developing countries benefit from the increasing demand for minerals and metals. Ensuring the mining sector regulates in a way that minimizes the environmental and climate footprint is the way to do it.
The Facility supports the sustainable extraction and processing of minerals and metals. The goal is to secure supply for clean energy technologies by minimizing the social, environmental, and climate footprint. And, companies can achieve this throughout the value chain of those materials. They can to do it by scaling up technical assistance and investments in resource-rich developing countries.
While the growing demand for minerals and metals provides economic opportunities for resource-rich developing countries and private sector entities alike, significant challenges will likely emerge if the climate-driven clean energy transition is not managed responsibly and sustainably.
The Climate-Smart Mining approach has been developed in concert with the broader UN Sustainable Development Goals. In fact, this is to ensure the decarbonization of the mining and energy sectors. Also, this process benefits resource-rich countries that host these strategic minerals. Moreover, it also benefits the communities that feel the direct impact of their extraction.
Climate-Smart Mining builds on the work the World Bank is doing. This happens in order to help ensure resource-rich developing countries benefit from their mineral resources. Another reason is to manage them in a sustainable manner, while fostering economic growth and development. Our technical support also helps governments improve the investment climate. We do it by strengthening governance and building the capacities of key institutions, policy frameworks and legislation.
