Critical mineral supply needs to pick up

SUPPLIES of critical minerals essential for key clean energy technologies like electric vehicles need to pick up sharply over the coming decades to meet the world's climate goals, creating potential energy security hazards that governments must act now to address, a new report by the International Energy Agency (IEA) said yesterday.

The special report, The Role of Critical Minerals in Clean Energy Transitions, is the most comprehensive global study to date on the central importance of minerals such as copper, lithium, nickel, cobalt and rare earth elements in a secure and rapid transformation of the global energy sector.

Building on the IEA’s long-standing leadership role in energy security, the report recommends six key areas of action for policy makers to ensure that critical minerals enable an accelerated transition to clean energy rather than becoming a bottleneck.

“Today, the data shows a looming mismatch between the world’s strengthened climate ambitions and the availability of critical minerals that are essential to realising those ambitions,” said IEA executive director Fatih Birol.

“The challenges are not insurmountable, but governments must give clear signals about how they plan to turn their climate pledges into action.

“By acting now and acting together, they can significantly reduce the risks of price volatility and supply disruptions.

“Left unaddressed, these potential vulnerabilities could make global progress towards a clean energy future slower and more costly – and, therefore, hamper international efforts to tackle climate change,” Birol said.