The Minerals Security Partnership (MSP), a group of 14 countries, announced on October 11, 2023, its support for mining, processing, and recycling projects of critical minerals. The MSP is committed to supporting projects that meet high environmental, social, and governance (ESG) standards.
What are critical minerals?
Critical minerals are essential for a wide range of technologies, including clean energy technologies, electric vehicles, and defense systems. The global demand for critical minerals is expected to grow significantly in the coming years, as the world transitions to a clean energy economy.
Why is the MSP supporting mining, processing, and recycling projects of critical minerals?
The MSP is supporting mining, processing, and recycling projects of critical minerals to ensure a secure and sustainable supply of these minerals. The MSP also recognizes that the development of the critical minerals sector can create jobs and economic opportunities in developing countries.
What are the MSP’s principles for responsible critical mineral supply chains?
The MSP has developed a set of principles for responsible critical mineral supply chains. These principles cover a range of issues, including environmental protection, respect for human rights, and corporate social responsibility.
How will the MSP support mining, processing, and recycling projects of critical minerals?
The MSP will support mining, processing, and recycling projects of critical minerals in a number of ways, including:
- Providing financial assistance to project developers
- Helping project developers to access the necessary permits and licenses
- Promoting investment in the critical minerals sector
- Advocating for policies that support the development of responsible critical mineral supply chains
What are the benefits of supporting mining, processing, and recycling projects of critical minerals?
Supporting mining, processing, and recycling projects of critical minerals has a number of benefits, including:
- Ensuring a secure and sustainable supply of critical minerals
- Creating jobs and economic opportunities in developing countries
- Reducing reliance on foreign suppliers of critical minerals
- Supporting the development of clean energy technologies
Conclusion
The Minerals Security Partnership’s support for mining, processing, and recycling projects of critical minerals is a positive development. The MSP’s commitment to high ESG standards is particularly noteworthy. The MSP’s support for these projects will help to ensure a secure and sustainable supply of critical minerals for the global economy.
Keywords: Minerals Security Partnership, critical minerals, clean energy transition, sustainable development, developing countries, private sector, governments
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