This blog was originally published on Illuminem, and has been co-authored with Rhian-Mari Thomas. She is the CEO...
Financing Climate & Sustainable Development / Report
Diagnosing how the sovereign ceiling functions as a simplifying shortcut that can obscure meaningful differences across borrowers, and proposing an alternative credit rating approach based on disaggregating sovereign risk into specific transmission channels.
In response to the accelerating global demand for critical minerals, governments are rapidly negotiating a new wave of bilateral and plurilateral agreements—spanning free trade agreements (FTAs), partnership frameworks, and memoranda of understanding (MOUs)—to secure supply chains, catalyze investment, and promote local value addition.
From May to September 2025, CCSI conducted a mapping of ongoing intergovernmental negotiations with a significant critical minerals component. Based on government and institutional materials, media and research databases, official reports and statements, stakeholder interviews, and insights from CCSI and partners, our analysis identified trends, risks, and opportunities.
This brief distills seven cross-cutting findings and provides recommendations for governments and regional organizations of developing and emerging economies to strengthen their critical minerals negotiations, along with additional recommendations for international organizations, development partners, and civil society to advance sustainable outcomes.
