Mining and Metals

As most economic sectors rely on metal and mineral commodities, the mining and metals sector has a considerable impact on both the economy and the natural world. Overall, 9.6 billion tonnes of metal ores were extracted in 2020 alone, equivalent to 10% of global material extraction. Demand has grown steadily over the last 50 years, where extraction of iron ore was the fastest growing, driven by rising demand for steel in the construction sector and a second wave of urbanization in the Global South. 

Future growth will also be driven by the clean energy transition, given requirements for metals and minerals such as aluminium, copper, cobalt, nickel, lithium and rare earth elements in clean energy infrastructure and electrifying transport. Indeed, the global demand for critical minerals is expected to multiply by four to six by 2040. 

It has become imperative for mining and metals companies to prioritize sustainability actions. In particular, they need to balance meeting new critical mineral demands with negative impacts on nature, and shift towards circular models across the value chain. 

The sector actions serve as a guide to transform business practices and value chains and ensure the automotive sector plays its part in halting and reversing nature loss by 2030 - the mission at the heart of the Global Biodiversity Framework. 

The report was led by the World Economic Forum with input from Oliver Wyman.