Critical Minerals and the New Development Dilemma: What the World Bank’s New Strategy Needs to Do Right

The World Bank’s stance on critical minerals—shaped by Minerals for Climate Action, its Global Programmatic Support of Extractives work, and related tools—has depended on a familiar combination of development ambitions, governance reforms, and sustainability goals. By framing critical minerals as strategic enablers of the transition to a low-carbon economy, this approach positions them as an opportunity for long-term transformation, suggesting that, under appropriate institutional conditions, increased mineral production can support diversification in producing countries while contributing to the global public good of reducing carbon emissions. As the Bank prepares to publish its first strategy dedicated to minerals and mining, each of these areas deserves careful re-examination. Past experience in resource-rich economies, and the rapidly changing current context, demonstrate the need for a deeper look at what has worked and what has not. The following are the four main areas that require review.

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