Securing Minerals for the Energy Transition 2025

1 In 2024, the World Economic Forum convened a public-private community of 50 experts that surfaced key investment barriers and proposed solutions to accelerate the development of clean energy capital in South Africa. This work was expanded upon in 2025 to look at the broader SAR and facilitate solutions that could accelerate financing for critical minerals. This regional deep dive is part of the Securing Minerals for the Energy Transition (SMET) initiative launched by the World Economic Forum, with McKinsey & Company as a knowledge partner and in collaboration with the DBSA. Over six months, public and private stakeholders engaged in consultations and dialogue to identify financing gaps, policy needs and opportunities for local value addition to boost inclusive growth. This report provides guidance for solutions that enhance local impact and global supply resilience, as well as real case studies that serve as examples to inspire SAR countries. Context setting A regional effort can mobilize investment and accelerate the development of critical minerals in Southern Africa. The SMET initiative brings together key stakeholders to address financing barriers and unlock the critical minerals value chain in the region. Developing this value chain in SAR could improve mining revenues and lead to economic growth and socio-economic development.13The following core problems emerged from stakeholder discussions: –SAR attracts a low share of global exploration financing despite high reserves-to-production ratios. –This underfinancing leads to reserves not being leveraged to their full potential. 1.1 Methodology 1.2 Problem definition 10 Securing Minerals for the Energy Transition: Finance for Southern Africa