The energy transition will lead to a new demand for minerals as the demand for fossil fuels declines. Countries in the global South have already missed out on significant amounts of potential revenue from extractive companies due to gaps in tax systems and harmful tax incentives. Tax havens, tax treaties and a lack of transparency exacerbate these challenges. Countries must strengthen their tax policies to improve domestic resource mobilisation, finance the SDGs, ensure a just transition, and costing-in of externalities. At the same time, EU Member States must ensure their policies are not enabling tax avoidance and evasion. As the energy transition increases demand for minerals, these issues must be urgently addressed in order to ensure the global South does not miss out yet again.