Global Commodities Forum 2024

[Video message]

Dear Excellencies, distinguished guests and experts,

Ladies and gentlemen,

Good morning,

It is an honor to welcome you to the 2024 Global Commodities Forum, a multi-stakeholder dialogue we have been hosting here in Geneva since 2010.

In this edition, we want to focus on the linkages between the climate crisis and commodities. This includes issues such as adapting to the energy transition in countries dependent on fossil fuels;the role sustainable goods, such as natural fibers, play in promoting trade and sustainability;the challenges and opportunities of sustainable trade and agricultural commodities;and the critical role of critical energy transition minerals.

Throughout these discussions, we will focus on the new as well as the old. We will focus on new markets as well as old challenges – how to add value, how to promote structural transformation, but also how to innovate, how to give a second, more sustainable life to the commodities that have lain on the ground for millions of years.

Because, in a way, commodities such as critical minerals are “new” in the sense that they are used for new markets – clean technologies and digital devices.

And yet they are “old” in the deeper sense that they are commodities, and commodities are commodities – whatever they are, whenever they are, wherever they are.

We must ensure, therefore, that new sources of commodity wealth do not lead to new sources of commodity dependence. Over the 15 years, 15 additional countries have become classified as commodity dependent. Today, there are 95 commodity-dependent developing countries – nearly half of the entire UN membership.

We must forge a different path – one where developing countries are not merely exporters of raw materials but key players in the global economy and key actors in facing our climate crisis.

This means investing in processing and innovation.It means adding value. It means reducing emissions and precluding environmental degradation and biodiversity loss.

To achieve this, we need partnerships.Partnerships between governments, industry and international organizations.Partnerships that foster knowledge and discussion, promote sustainable standards and practices, and ensure that sustainability becomes a driving force for tangible improvements in people's lives.

This means well-paying jobs, expanded access to affordable energy and improvements in the quality of our local environments and our local communities.

The Global Commodities Forum has a crucial role to play in facilitating these partnerships.

Let our discussions be bold, our actions decisive, and our impact lasting.

I thank you all for coming, and I look forward to a meaningful and successful forum in the days to come.

I thank you.