World Bank plans to quintuple critical minerals business to address 800 million job shortfall
GS3Economy · S&T · Environment · Security· Growth, inflation & macro indicators· Prelims + Mains·
Why in news
World Bank President Ajay Banga announced plans to quintuple the bank's critical minerals business over five years to address a projected 800 million job shortfall.
Background
The World Bank aims to expand its critical minerals business across 20 countries. Total financing for these minerals exceeded $230 billion last year, a significant increase from $35 billion in fiscal 2022.
Facts for Prelims
- FactWorld Bank plans to quintuple its critical minerals business over a five-year period.
- FactTotal financing for critical minerals exceeded $230 billion in the year preceding the announcement.
- FactThe World Bank aims to address a projected 800 million job shortfall for 1.2 billion young people.
- PlaceThe announcement was made in Bangkok by World Bank President Ajay Banga.
For Mains
Q. Discuss the significance of critical minerals in global economic growth and the role of multilateral institutions in addressing global youth unemployment.
Dimensions to cover in your answer
- Resource geopolitics: Strategic competition over mineral supply chains for green energy transition
- Labor market mismatch: Structural barriers preventing 1.2 billion youth from accessing high-growth industrial jobs
Keywords: Critical minerals · Multilateral development · Job shortfall · Capital mobilisation · Green transition
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