Latin America and the Caribbean countries are in a strategically advantageous position to lead the global energy transition with their abundance of critical resources, including lithium, natural gas, and other essential minerals. The World Bank's chief economist for the region, William Maloney, stressed the importance of making significant changes to fully benefit from these resources this time around. Drawing parallels with Nordic countries like Sweden and Norway, which have effectively utilized their natural resources, Maloney highlighted the need for collaborative efforts, knowledge sharing, and value addition to the products. In the context of the energy transition, the region must learn from Sweden's forestry sector model, where public and private institutions work together to create value and drive innovation. Similarly, the experience of Norway in developing its petroleum industry by negotiating contracts that include knowledge transfer clauses is a valuable lesson for Latin America and the Caribbean. By approaching foreign investments with a focus on technology transfer and skill development, the region can move towards self-sufficiency and enhance its position in the global energy market. With a significant share of global lithium resources and reserves of critical metals, coupled with vast natural gas reserves, the region has the potential to reshape its economy and maximize the benefits of its resources. By embracing innovative approaches, fostering strategic partnerships, and prioritizing knowledge exchange, Latin America and the Caribbean can pave the way for a successful energy transition that benefits both the region and the global community.