Global mining sector needs USD 1.7 trn funding to enable energy transition: HZL Chairperson

NEW DELHI: The global mining sector requires an estimated investment of USD 1.7 trillion to facilitate energy transition, Hindustan Zinc's (HZL)Chairperson Priya Agarwal Hebbar has said.

"For the energy transition to happen successfully...we need $1.7 trillion in mining investment. We see an opportunity in India. India is in a sweet spot where it can thrive in this sector," she said.

At the recently held World Economic Forum in Davos, Hebbar addressed the critical topics surrounding the global energy transition on multiple occasions.

She spoke about the importance of critical minerals, the future of climate action strategies, embedding sustainability across the value chain, prioritising women’s health and driving India’s workforce revolution.

She was amongst the few Indian women entrepreneurs representing Vedanta and Hindustan Zinc at the esteemed forum, where industry stalwarts, political leaders, academicians and scholars create dialogues with the mission to improve the state of the world.

She added that while countries like the US, China, and the Middle East have grown their economies on natural resources, India has the opportunity now with less than 15 per cent of its natural resources' reserves being tapped.

She further added that this presents a significant opportunity for India to harness its resources better equipped with the right technology and innovation to make mining minimally invasive and play a crucial role in the shift toward clean energy.

She commended the Indian government's proactive measures in revitalising the mining sector.

She highlighted the government’s key initiatives such as the launch of the critical minerals mission and the auctioning of critical mineral blocks, which have created new opportunities for sustainable growth and development.

"These efforts are already bearing fruit, with both Vedanta and Hindustan Zinc emerging as the preferred bidders for various critical mineral blocks across the country, paving the way for transformative progress in the sector," she said