In a quest for a sustainable future driven by the imperative of green transitions, countries worldwide have embarked on a relentless race to secure essential minerals. In this pursuit, the eagerness to meet demand often blinds us to the environmental and social implications associated with our actions. Seeing our economy as a horse race, we have put blinders on our horses, allowing them to charge forward without considering the consequences that lie in their path. If minerals are the new fossil fuels, let’s be honest: when it comes to sustainability, we haven’t got much of a chance.

The players at the chess board have changed. Countries blessed (?) with abundant resources are actively positioning themselves to gain a competitive edge. They seek to maximise their domestic extraction capabilities, nationalise extraction supply chains, establish strategic alliances and safeguard their mineral wealth. China has been consolidating its dominant position in the critical metals sector for some time, Mexico decided to nationalise its lithium resources and other Latin American countries rely on state-owned mining companies for critical minerals mining. On the other side of the board, nations lacking significant mineral deposits find themselves craving partnerships and collaborations to secure the resources necessary for their industries and green transitions.

Europe’s recently announced Critical Raw Materials Act stands as a testament to this pursuit, aiming to secure and diversify supply, and reduce dependency on external sources. This stark contrast echoes the past dynamics surrounding fossil fuels, where resource-rich countries held considerable power and influence, while others scrambled to secure their energy need through alliances and trade agreements. Nowadays, the race to minerals showcases a similar drive to protect national interests and maintain economic competitiveness amidst the imperatives of the green transition.

It is recent news that Norway’s government is readying plans to open an area of ocean nearly the size of Germany to deep-sea mining as it seeks to become the first country to extract battery metals from its sea floor. Amund Vik, state secretary in the Norwegian Ministry of Petroleum and Energy, told the Financial Times that deep-sea mining would help Europe meet the “desperate need fo more minerals, rare earth materials to make the transition happen”.

Deep sea mining is a prime example of how governments and industries have now turned their attention to “unconventional” sources of minerals. Deep sea mining, like any extractive activity, poses significant risks. The fragile balance of marine ecosystems is threatened by habitat destruction, disruption of biodiversity, and the release of harmful pollutants. Yet, the allure of rare earth minerals and other valuable resources seems to overshadow these concerns. Additionally, the social implications for coastal communities and indigenous peoples who rely on these ecosystems for their livelihoods often go unnoticed or unaddressed in the race for minerals.

Despite mounting evidence and warnings from environmentalists, some governments seem undeterred in their pursuit of minerals. Government announcements often emphasize economic gains and the urgent need to secure resources for green technologies. While acknowledging the importance of transitioning to a sustainable future, the lack of emphasis on environmental and social safeguards raises questions about the long-term vision and commitment to responsible mineral sourcing.

The race for minerals demands introspection. Are we, as a global society, willing to sacrifice environmental integrity and social well-being for the sake of resource extraction? Is our current mindset focused solely on short-term gains, neglecting the potential consequences for future generations? How can we strike a balance between the imperative for green transitions and the imperative to protect our planet? Is there something actually green in the “green” transition? We were sold the story of renewables, but there is nothing renewable about the minerals and metals required to build and deploy renewable technologies.

It's high time we remove the blinders and critically evaluate the path we're taking. As we pursue the minerals necessary for our green future, we must ensure that our actions align with the principles of sustainability, ethical sourcing, and environmental responsibility. Only then can we move forward in a way that truly benefits both humanity and our planet.

June 2023