Key activities will focus on improving governance of the mining sector, strengthening geological knowledge and advancing the sustainable extraction of critical raw materials such as copper, lithium and rare earth elements.
The Inter-American Development Bank (IDB) and the European Union (EU) have launched a joint initiative, funded by a €6.3 million (US$6.6 million) EU grant, to strengthen the conditions for responsible investments for the development of critical minerals and their value chains.
The program will leverage an additional €120 million (US$126 million) in IDB investments for projects related to critical raw materials in Argentina, Bolivia, Brazil, Chile and Ecuador.
The objective is to support inclusive economic growth in Latin America and the Caribbean, improve sustainable mining practices and facilitate the global energy transition.
The program will directly benefit thousands of individuals and companies in mining regions across Latin America and the Caribbean, promoting economic resilience, environmental sustainability and stronger value chains for critical raw materials.
By promoting responsible mining practices and supporting the global energy transition, this initiative is a significant step towards achieving the Sustainable Development Goals (SDGs) and solving global climate challenges.
Key activities will focus on improving governance of the mining sector, strengthening geological knowledge and advancing the sustainable extraction of critical raw materials such as copper, lithium and rare earth elements.
These materials are essential for the global energy transition. The initiative aims to address the environmental and social challenges associated with their production, ensuring that mining activities support both decarbonisation efforts and sustainable development.
The programme is also designed to close key gaps in policy, governance and capacity, with the aim of increasing the mining sector's contribution to sustainable development, particularly in the context of global energy transition goals.
This project is aligned with the EU strategic objectives of fostering international cooperation and sustainable development, the EU-LAC Global Gateway Investment Agenda, as well as the EU Green Deal Industrial Plan and the Critical Raw Materials Act (CRMA), which aim to support green and inclusive growth and ensure access to critical minerals for the manufacturing of clean energy technology.
Building on existing framework agreements with Chile and Argentina, the initiative seeks to foster regional growth and deepen EU-Latin America partnerships, underlining shared values of economic development, environmental sustainability and a just transition.
