Igor Makarov Speaks at the T20 Summit in Johannesburg

Igor Makarov, Director of the Institute for Economics of Natural Resources and Climate Change at HSE University, spoke at the T20 Final Summit, the expert track of the G20, held in Johannesburg. In his address, he focused on the role of critical metals for African countries and the need to shape resource policy based on their own long-term interests rather than the external expectations of importing countries.

"As a starting point for any long-term planning in this area, it is essential to recognise a simple fact: what are referred to as critical metals and green minerals are neither critical nor green for Africa. What is truly critical for Africa is not rare earths, but fertilisers, cement, salt and chlorine. Cobalt and lithium are extracted not in the United States or Germany, but in Africa precisely because their extraction is far from green," Igor Makarov noted.

He emphasised that African states should not withdraw from global value chains for in-demand minerals, but should develop strategies grounded in their own interests. Igor Makarov suggested that, in negotiations, African countries could insist on localisation requirements, adopt tougher positions in resource agreements, and even consider market cartelisation.

A video recording of Igor Makarov’s speech is available via the link.

Igor Makarov at T20 Summit

Igor Makarov also took part in drafting the final T20 summit communiqué as part of the working group on Accelerating Climate Action and a Just Energy Transition. Recommendations in this area include:

• promoting sustainable supply chains for critical minerals;

• scaling up adaptation finance;

• supporting a just energy transition;

• focusing on the links between climate change, biodiversity, and socio-economic development.