‘Cursed’ Nations Want to Turn Green Minerals Boom Into a Blessing

The green minerals boom has triggered a new scramble for natural resources across the developing world. From Southeast Asia to Africa, countries rich with raw materials necessary for things like electric vehicle batteries are trying to capitalize on it without falling victim to the “resource curse.” There’s a long and inglorious history of commodity-rich economies failing to get rich from their natural wealth. The money pours in from industrialized nations when global demand is high, but when boom turns to bust, they often end up worse than neighboring economies not similarly “blessed.” Those nations are hoping this time could be different. On this episode of Stephanomics, reporter Claire Jiao hears how Indonesia, home to a large chunk of the world’s nickel, has led the way by banning the export of processed forms of the metal so vital to the production of EVs. The idea is that instead of exporting its enormous reserves of raw nickel and bauxite, it can turn them into EV batteries, or even EVs themselves, for shipping abroad, thereby kickstarting local manufacturing. So far, it seems to be working. Host Stephanie Flanders then sits down with Jim Cust, senior economist for Africa at the World Bank, and senior reporter Jack Farchy to discuss whether Indonesia has set an example African nations could follow as they look to partake in this new gold rush, and whether pulling it off to the scale will be the exception or the rule.See omnystudio.com/listener for privacy information.