RIYADH: Mineral financing and investments took center stage as industry leaders emphasized their pivotal role in facilitating a seamless transition to a sustainable energy system at a Riyadh forum. At the Future Minerals Forum, Saudi Vice Minister of Mining Affairs at Industry and Mineral Resources, Khalid Al-Mudaifer led a panel discussion with global leaders, emphasizing the crucial role of financing in this vital sector. He highlighted the immense challenges posed by the global shift toward sustainable energy, stating, “We’ve spent the past 200 years developing our current energy system and now face the task of transforming it within the next 20 years.” Al-Mudaifer emphasized the massive investment requirements for this transition, explaining, “Experts estimate the need for $3 trillion in mining, refining, and melting by 2030. Additionally, there’s a necessity for $1 trillion each in infrastructure and power generation, cumulating to $5 trillion. This figure is more than triple the current investment level in these sectors.” The official also pointed out the pressing need for skilled human resources in the mineral sector. He noted a concerning decline in the availability of professionals, stating: “We require approximately 300 to 400 engineers in the sector, which has recently seen a downturn in human capital.” In his remarks, Al-Mudaifer also highlighted Saudi Arabia’s commitment to significantly enhancing investment in the mineral sector. The Kingdom is poised to play a central role in bolstering this crucial industry, contributing to global efforts in transitioning toward more sustainable energy solutions. The official emphasized Saudi Arabia’s transformation to an investor-centric approach. “We have adopted the concept of an ‘investor journey’ from the business world and integrated it into our governmental processes, treating the investor with the same reverence as a valued customer,” he stated. Tom Kendall, managing director and global head of metals sales at ICBC Standard Bank, shared his insights at the event by stressing the importance of stability for moving capital. “Stability on the ground is a fundamental necessity for the movement of capital. This conference plays a crucial role in fostering alliances and creating incentives to mitigate risks, which is essential for progress in the sector,” Kendall remarked. Jeremy Weir, CEO of Trafigura, contributed to the discussion by highlighting the significance of supply chains. With Trafigura operating in over 150 countries, the focus remains on enhancing these networks. “A persistent question we encounter is how to improve supply chains. Our approach involves securing long-term commitments and partnerships that expedite the process of improvement,” he explained.