The Asian Development Bank has launched a financing facility aimed at helping countries in Asia and the Pacific develop secure and sustainable critical minerals supply chains needed for clean energy technologies and industrial growth.
The new Critical Minerals Financing Partnership Facility seeks to mobilize financing and technical assistance for projects involving the exploration, extraction, processing and recycling of critical minerals, according to the Asian Development Bank (ADB).
ADB said the initiative is intended to support the growing demand for minerals such as nickel, copper, lithium and cobalt, which are essential for electric vehicles, renewable energy systems, battery storage and other low-carbon technologies.
The multilateral lender said the facility will include a grant window that will support early-stage project preparation, including feasibility studies, environmental and social assessments, technical studies and capacity-building programs.
ADB President Masato Kanda said the development of reliable and responsible critical minerals supply chains is becoming increasingly important as countries accelerate energy transition efforts and industrial modernization.
The bank said the facility will also promote environmental sustainability, responsible mining practices and stronger regional cooperation across the critical minerals value chain.
ADB noted that many countries in Asia and the Pacific possess substantial reserves of critical minerals, placing the region in a strategic position to support global demand for materials required in clean energy technologies.
