Mineral-rich countries must not remain poor: President

Kuda Bwititi in BAKU, Azerbaijan

AS the world transitions to renewable energy, mineral-rich countries like Zimbabwe must not remain poor, but should take advantage of the enormous opportunities afforded by the shift to diversify and champion economic growth, President Mnangagwa has said.

Speaking during a High-Level Meeting on Resourcing the Energy Transition with Justice and Equity held under the theme, “Advancing the recommendations of the Secretary-General’s Panel on Critical Energy Transition Minerals,” at the COP29 climate change conference here, the President said as the world grapples with the climate crisis, it’s imperative to ensure that the pursuit of a sustainable future does not perpetuate old inequalities.

The meeting was convened by UN Secretary-General Antonio Guterres.

Transition minerals are mineral deposits that are crucial for the global shift towards renewable energy and sustainable technologies as the world races towards a greener future.

In his intervention during the meeting, President Mnangagwa said in the quest for a just energy transition through critical minerals, the world has a duty to avoid the global mistakes of the past.

“A situation where mineral-rich countries remain in perpetual poverty and mere suppliers of raw materials and net importers of the value-added, expensive technologies and goods, is no longer acceptable,” he said.

President Mnangagwa, who is chairman of the Southern African Development Community, said “an intricate balance must be reached that appropriately respects those countries which are well-endowed with these critical minerals of the future and their depreciation and source.”

He commended Mr Guterres for taking heed of the call by mineral-rich developing countries like Zimbabwe for a just and equitable energy transition.

“As one of those countries, Zimbabwe is blessed with abundant reserves of critical minerals such as lithium, platinum group of minerals, graphite and copper. There is also a broad array of rare earth minerals which are vital for renewable energy technologies and energy storage.

“My country recognises, therefore, the enormous possibilities and responsibilities this entails.”

Zimbabwe, President Mnangagwa said, prioritises local beneficiation, technology transfer, and equitable revenue sharing.

“Zimbabwe has put in place measures to transform our economy from a supplier of raw

materials to a critical player in the renewable energy technology value chain. We are determined to build more green jobs, in particular for women and our youths, while fostering sustainable industrialisation and economic diversification.”

The President reiterated the country’s commitment to partner with the private sector as well as collaboration at the regional and international levels.

“Zimbabwe is giving incentives for the beneficiation and value addition of Critical Energy Minerals. This has resulted in an accelerated investment by mining companies into processing equipment for in-country value addition and beneficiation.

“Additionally, a Mines-to-Energy Park is under construction, which will house facilities for refining PGMs, processing lithium carbonate and other critical minerals, ultimately up to battery manufacturing.

“We invite partners and investors to broaden our energy mix, including through floating solar parks, wind energy projects as well as in energy transition.”

President Mnangagwa also called for the development of sustainable logistics and export capabilities to benefit the region.

“These will not only benefit our country but also facilitate energy transition within the Southern Africa region.

“Cutting edge technologies are critically important for any country to fully benefit from its resource endowments.”

He added that Zimbabwe is prioritising innovation around renewable energy technologies through various initiatives, including innovation hubs established at universities and colleges.

In addition, Zimbabwe supports the Principles and the Actionable Recommendations by the Secretary General’s Panel on Critical Energy Transition Minerals.

President Mnangagwa said this dovetails with Zimbabwe’s Responsible Mining Initiative launched by Government in 2023.

He said although the seven principles are voluntary, they align with Zimbabwe’s national vision.

“Further, these align with our country’s national development priorities and Vision 230, towards a prosperous and empowered middle income society, driven by people-centred policies.”

In his remarks Mr Guterres said:

“Demand for the minerals critical to the transition are expected to surge — as governments triple global renewables capacity by 2030 — as promised — and phase out fossil fuels.

“For developing countries rich in those resources, this is a huge opportunity: to generate prosperity; eliminate poverty; and to drive sustainable development.”