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世界经济论坛(WEF):2026关键矿产可融资性白皮书:释放投资动能的政策工具(英文版)(37页).pdf

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1、Making Critical Minerals Bankable:Policy Tools to Unlock InvestmentW H I T E P A P E RM A Y 2 0 2 6Images:Getty ImagesDisclaimer This document is published by the World Economic Forum as a contribution to a project,insight area or interaction.The findings,interpretations and conclusions expressed he

2、rein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partners orotherstakeholders.Columbia Universitys Center on Global Energy Policy than

3、ks its donors for supporting its work on the financing of critical minerals,with particular acknowledgment of the Blue Horizons Foundation and the BMW Foundation.2026 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,inc

4、luding photocopying and recording or by any information storage and retrieval system.ContentsForeword 3Executive summary 51 Introduction 61.1 The critical minerals investment gap 61.2 Why“one-size-fits-all”fails 92 Policy toolkit:six categories of policy intervention 10 Policy instrument 1:Upfront c

5、apital support 10 Policy instrument 2:Offtake and demand anchors 11 Policy instrument 3:Revenue stabilization and price certainty 12 Policy instrument 4:Risk mitigation 12 Policy instrument 5:Structural enablers 13 Policy instrument 6:Tax and royalty mechanisms 133 Matching policy interventions to m

6、ineral markets 153.1 Mature market(e.g.copper)163.2 Emerging market(e.g.lithium)193.3 Highly concentrated market(e.g.rare earth elements)203.4 Opaque market(e.g.graphite)213.5 Niche market(e.g.by-product and co-product critical minerals)224 Matching policy interventions to jurisdictions 244.1 Low-ri

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1. **核心问题**:关键矿物投资缺口大,非地质稀缺,而是项目“可融资性”不足,风险分配、收入确定性和交付信心不足。 2. **投资缺口**:铜需求预计2035年短缺30%,2030年投资缺口达2500亿美元;2024年投资增速仅5%。 3. **政策工具**:提出6类政策工具(前期资本支持、需求锚定、收入稳定、风险缓释、结构性支持、税收机制),需匹配矿物市场结构、司法管辖区风险和项目阶段。 4. **市场差异**:成熟市场(如铜)需许可和基建支持;新兴市场(如锂)需价格稳定工具;高度集中市场(如稀土)需需求锚定; opaque市场(如石墨)需透明度提升;小众市场(如副产品)需成本分担。 5. **目标**:通过精准政策撬动私人资本,实现供应多元化和韧性,避免公共资金替代私人投资。
矿产投资缺什么? 政策如何助矿产? 风险怎么降下来?
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