确保能源转型中的矿产资源：为南部非洲融资

W H I T EP A P E RA U G U S T2 0 2 5 Contents Foreword3 Executive summary5 Introduction6 The energy transition and critical minerals6The Southern African Region’s role in critical minerals7SAR country profiles8 1Context setting10 1.1Methodology101.2Problem definition101.3Key challenges11 2Solution case studies17 2.1Policy measures172.2Investment de-risking182.3Energy strategy202.4Transportation infrastructure202.5Innovation promotion222.6Industrial cluster development232.7Human capital development242.8Demand certainty26 Conclusion28 Endnotes30 Disclaimer This document is published by theWorld Economic Forum as a contributionto a project, insight area or interaction.The findings, interpretations andconclusions expressed herein are a resultof a collaborative process facilitated andendorsed by the World Economic Forumbut whose results do not necessarilyrepresent the views of the World EconomicForum, nor the entirety of its Members,Partners or other stakeholders.©2025 World Economic Forum. All rightsreserved. No part of this publication maybe reproduced or transmitted in any formor by any means, including photocopyingand recording, or by any informationstorage and retrieval system. Foreword Boitumelo Mosako Chief Executive Officer, DevelopmentBank of Southern Africa (DBSA) At the Development Bank of Southern Africa(DBSA), our mission has always extendedbeyond infrastructure financing. It is about enablinginclusive growth, alleviating poverty and deepeningdevelopment impact across the continent. Aswe confront the major transitions of our time thatinclude climate change-induced challenges, cyclicaleconomic headwinds and technological disruption,Africa must be an active participant in shaping itsown development path. DBSA partnered with the World Economic Forumto produce this paper, a playbook of solutionsthat reframes the critical minerals landscape toprioritize long-term economic transformation anddiversification across the region. DBSA sees aunique role for development finance in ensuringthat value is created and retained locally, thatcommunities are meaningfully included, and thateconomic participation becomes more equitable. This paper outlines practical solutions to accelerateinvestment in Southern Africa’s clean energy andcritical minerals value chains. Furthermore, it identifiesthe regulatory, institutional and policy enablers thatwill de-risk the sector and encourage private capitalparticipation by providing a toolbox for governments,development finance institutions and industry partnersto work collectively to close investment gaps. The transition to a low-carbon future bringswith it opportunities driven by the global agendaof suppressing the pace of climate change,since Africa is abundant in the minerals neededto drive clean energy technologies. However,if extraction continues in the same manneras historical practice, which is characterizedby the export of raw materials, limited localbeneficiation and inadequate community impact,the continent will once again miss the opportunityto convert its mineral wealth into structuralsocio-economic transformation. As we look ahead, our commitment is to driveand support solutions that build industrial resiliencethrough enabling infrastructure, unlock the regionalopportunity and broaden economic participation. Foreword Jörgen Sandström Head, Transforming IndustrialEcosystems, World Economic Forum Southern Africa holds vast reserves of criticalminerals, yet current investment levels fallshort of the region’s potential. Unlocking thispotential is essential not only for advancinginclusive growth across the region but also forstrengthening the resilience of global supplychains critical to the energy transition. This effort builds on recent multistakeholderconvenings that reflect both regional priorities andinternational perspectives on how to accelerate thedevelopment of responsible mineral value chains. Through practical, real-world case studies, thispaper serves as a tool to inspire collaborationand support the development of innovativebusiness models. It seeks to unlock criticalfinancing and investment opportunities,strengthen the policy and regulatory landscape,and enhance the overall enabling environmentfor the mineral sector in Southern Africa. In 2025, the World Economic Forum, with continuedsupport from McKinsey & Company, expanded itsSecuring Minerals for the Energy Transition (SMET)initiative to take a regionally anchored approach,recognizing that regions like Southern Africahave a central role to play in enabling a secure,sustainable and equitable global energy transition. Looking ahead, the SMET initiative is exploringopportunities to replicate this regionally focusedapproach in other geographies, with theintention of catalysing transformative changeacross regional mineral value chains. In collaboration with the Development Bank ofSouthern Africa, the Forum convened key regionalstakeholders to identify, prioritize and promotethe n