Key facts
- Ilan Goldfajn, head of the Inter-American Development Bank, met with Pope Leo XIV.
- The meeting discussed responsible rare earth mineral extraction in Latin America.
- Goldfajn highlighted potential economic benefits for the region.
- The benefits are conditional on strong safeguards and local value addition.
- The Vatican has historically opposed exploitative mining practices.
- The discussion occurred amid the Vatican's divestment push.
Ilan Goldfajn, the president of the Inter-American Development Bank (IDB), has met with Pope Leo XIV to advocate for the responsible extraction of rare earth minerals in Latin America. Goldfajn presented a case for the development of these resources, emphasizing that such extraction could bring significant benefits to the region. However, he stressed that these benefits are conditional upon the implementation of strong safeguards and the creation of local value addition. This approach aims to ensure that the extraction processes are conducted ethically and sustainably, directly addressing concerns about exploitative mining practices. The Vatican has historically held a critical stance against exploitative mining, making Goldfajn's pitch a notable engagement. The meeting suggests a potential dialogue between financial institutions and religious leaders on the ethical considerations of resource extraction and investment, particularly in the context of the Vatican's ongoing divestment push from certain industries.