UNITED NATIONS — The United Nations Security Council convened a high-level session Thursday focusing on the escalating global competition for critical minerals, with projections indicating demand could triple by 2030 and quadruple by 2040. The special session, initiated by the United States during its Security Council presidency, addressed the strategic importance of minerals including lithium, cobalt, and nickel in powering both the digital economy and global energy transition.
UN Undersecretary-General Rosemary DiCarlo revealed that trade in raw and semi-processed minerals reached approximately $2.5 trillion in 2023, accounting for over 10% of global trade. “A decade ago, these minerals had limited strategic importance,” DiCarlo stated. “Today, they underpin technologies essential to national security and economic stability.”
The session highlighted growing geopolitical tensions surrounding mineral access. U.S. Energy Secretary Chris Wright emphasized the security imperative of diversifying supply chains, noting that over-reliance on any single nation poses significant risks. This position reflects ongoing U.S. efforts to establish a critical minerals trading bloc with allied nations to counter China’s current dominance in the sector.
Chinese Ambassador Fu Cong acknowledged the supply-demand imbalances emerging as the world enters “a new period of turbulence and transformation.” He advocated for enhanced international cooperation and promoted China’s G20-initiated ‘green mining’ transformation program as a solution for sustainable resource extraction.
The geopolitical maneuvering extends to resource-rich nations experiencing instability. Venezuela has offered security assurances to mining companies operating in regions previously controlled by armed groups, while Congo’s President has proposed mineral access worth an estimated $24 trillion in exchange for U.S. support in combating rebels and developing infrastructure. Congo’s UN Ambassador Zenon Mukongo emphasized the private sector’s responsibility to ensure mineral extraction doesn’t finance armed conflicts or violate national laws.