Mining leaders focus on governance during the commodities downturn
At this year’s Investing in African Mining Indaba in Cape Town, South Africa, leaders are not hiding their concerns about the commodities downturn.
Government representatives express their frustration for not having benefited enough during the boom. Policymakers lament the lack of planning that has left their countries with no cushion in their budgets, and companies are looking to cut costs so they can weather the storm. And most importantly, communities are feeling the economic impact as mines purchase less local supplies, generate fewer jobs and halt some operations.
Not only are things slowing down, but it seems a golden opportunity has passed us by. Fatima Denton, Director of the United Nations Economic Commission for Africa, highlighted that Africa is less industrialized today than it was in 1990. After the minerals super cycle of 2000-2013, the percentage of manufacturing of African economies actually declined from 12% to 11%.
Indonesia is estimated to have the largest geothermal potential in the world – 27,000 megawatts, or roughly 40 percent of total global geothermal resources. But currently, only 4 percent of that potential is being used to produce electricity. Even at the current level of development, however, Indonesia is the third largest geothermal producer in the world in terms of installed capacity, following the United States and the Philippines.
Brazil, China, India, Indonesia, Mexico, Poland and South Africa are among the world’s largest emerging economies. And in the past five years, all have made substantive shifts towards lower-carbon growth strategies – shifts that are still underway. In 2007, these countries represented 33 percent of global CO2 emissions. By 2010, three of them – Brazil, China and India – accounted for over 40 percent of global investment in renewable energy. 
