The World Bank estimates that $1.7 trillion in mining and production investments will be needed by 2050 to support the transition to a low-carbon economy.
Addressing the multifaceted investment challenges requires collaborative efforts among governments, industry, and the financial sector to foster transparent, sustainable, and diversified supply chains.
In November 2023, the U.S. Department of State and the Securing America’s Future Energy (SAFE) nongovernmental organization signed a memorandum of understanding formalizing the nonprofit as the department’s sole nongovernmental organization partner in a new initiative.
SAFE is a non-profit, non-partisan organization that works to improve the United States’ energy security by reducing its reliance on oil and promoting responsible use of domestic energy resources.
Under Secretary of State for Economic Growth, Energy and the Environment Jose W. Fernandez, a special representative for global partnerships, and SAFE met at a formal signing ceremony to officially kick off the Minerals Investment Network for Vital Energy Security and Transition initiative.
At the State Department, Fernandez focuses on promoting U.S. businesses abroad, establishing reliable supply chains, and countering economic coercion from other countries.
The Minerals Investment Network for Vital Energy Security and Transition (MINVEST) initiative recognizes the role of the audience in supporting the goals of the Mineral Security Partnership, encouraging investment in mining, processing, recycling opportunities, and creating sustainable critical minerals supply chains that are not over-reliant on one country.
SAFE has convened business and former military leaders since 2004 to advocate for secure, resilient, and sustainable energy solutions.
More recently, SAFE has led workshops with the Battery Councils of Zambia and the Democratic Republic of Congo (DRC) on ways to spur private sector investment and build regional capacity for strategic mining, processing, recycling, and battery production.
SAFE has also conducted critical minerals policy research and published reports on this issue.
In its March report, “A Global Race to the Top: Using Transparency to Secure Critical Mineral Supply Chains,” SAFE’s Minerals Center outlined a vision for how the United States can work with its partners and allies to create higher standards in critical minerals supply chains through radical transparency, from the mine to the final product.
The report emphasizes working with major allies while building capacity to level the playing field and create a global race to the top for critical mineral supply chains to access the building blocks of a more electrified, connected, and autonomous future.
“The MINVEST public private partnership with SAFE will allow us to engage more systematically with the private sector and establish a mechanism to accelerate investment in responsible and sustainable critical minerals projects,” said Under Secretary Fernandez.
Fernandez’s work at the State Department has involved promoting U.S. businesses abroad, safeguarding U.S. economic security, and developing reliable supply chains for essential goods.
Some of the key programs include the Minerals Security Partnership and the Americas Partnership for Economic Prosperity.
Today, during the U.N. General Assembly, the Minerals Investment Network for Vital Energy Security and Transition, a partnership between the U.S. Department of State and the SAFE Center for Critical Minerals Strategy, hosted a meeting to announce the Minerals Security Partnership Finance Network.
This network aims to strengthen cooperation and promote information exchange and co-financing among participating institutions to advance secure and sustainable supply chains for critical minerals.
The meeting, held at DLA Piper’s offices in Manhattan, was attended by representatives from member governments of the Minerals Security Partnership, as well as leaders from financial institutions and companies such as Rio Tinto, General Motors, and Anglo-American.
The meeting aimed to foster collaboration, promote best practices, and explore opportunities for sustainable investment in critical minerals supply chains.
The Minerals Security Partnership, which represents 14 countries and the European Union, is committed to catalyzing public and private investment in sustainable critical minerals supply chains globally.
It aims to support critical minerals projects by collaborating with host governments and industry to provide financial and diplomatic support across the supply chain.
During the U.N. General Assembly in New York, Under Secretary Fernandez will also be involved in discussions on nutrition, food security, biodiversity, and land degradation, and will participate in the Head of State Plastics Meeting sponsored by the Government of Kenya and the United Nations Environment Program.
This plastics meeting aims to address global plastic pollution and promote collaboration among multiple stakeholders to combat it.
Fernandez will also host a roundtable related to his work at the State Department, which focuses on promoting U.S. businesses abroad, establishing reliable supply chains, and countering economic coercion from other countries.
Jose W. Fernandez is a Cuban-American attorney and diplomat currently serving as the Under Secretary of State for Economic Growth, Energy, and the Environment.
Fernandez previously served as the Assistant Secretary of State for Economic, Energy, and Business Affairs from 2009 to 2013.