On 25 May 2021, the United Nations Secretary-General António Guterres will convene an online Global Roundtable on Extractive Industries on how to transform the sector into an engine for sustainable development.
In the past year, the COVID-19 pandemic and the social and economic crisis it triggered has not only caused immeasurable suffering but could also derail global efforts to achieve the 2030 Agenda for Sustainable Development.
By bringing together issues related to investment, revenue, debt, illicit financial flows, technology and climate action, extractives industries stand at the nexus of the multiple economic crises caused by the pandemic. They should consequently form a core component of global response and recovery plans and are a key topic of discussion under the Initiative on Financing for Development in the Era of COVID-19 and Beyond (FfDI).
The pandemic presents a once-in-a-lifetime chance to support a just transition away from fossil fuels turn extractive industries into an engine for a low-carbon, resilient and inclusive future. The green energy transition, accelerated by the crisis, also offers a tremendous opportunity to create new jobs, redress social and environmental inequities and support developing countries, many of which are rich in the materials needed for the renewables revolution.