Natural Resources Overview in Latin America and the Caribbean, 2023

This document offers a diagnosis of the situation of natural resources in Latin America and the Caribbean with the purpose of promoting debate on the role of these resources in the transition to a sustainable development model. Natural resources, renewable and non-renewable, are important for the economic development of the region. It is home to almost 20% of the world's oil reserves, at least 25% of some of the strategic metals and more than 30% of the primary forests. Economic activities based on natural resources account for 12% of the region's value added, 16% of employment and 50% of exports. Their exploitation generates profits, but also causes negative impacts and socio-environmental conflicts. In a context of cascading crisis and the need to achieve the Goals of the 2030 Agenda for Sustainable Development, it is essential to rethink the way in which natural resources contribute to economic recovery and to a development model that incorporates the principles of sustainability and equity. Natural resources, such as water and energy, have the potential to create new industries and improve the well-being of communities, making them key transformative vectors for achieving sustainable development.