This document offers an analysis of the natural resources situation in Latin America and the Caribbean, with a view to promoting discussions on the role those resources can play in the transition to a development model that is sustainable. Natural resources, both renewable and non-renewable, are crucial to the economic development of the region. Latin America and the Caribbean contains almost 20% of the world’s oil reserves, at least 25% of some strategic metals and over 30% of the world’s virgin forest area. In the region, natural resource-based economic activities account for 12% of value added, 16% of employment and 50% of exports. There are benefits to their use, but also harmful effects, including the potential to cause socioenvironmental conflicts. In view of the ongoing cascading crises and the need to meet the Goals of the 2030 Agenda for Sustainable Development, it is vital to consider how natural resources can contribute to economic recovery and a development model that takes into account the principles of sustainability and equity. Natural resources such as water and energy have the potential to create new industries and improve communities’ well-being, making them key transformative factors for sustainable development.