Earth Responsibility Score (ERS)’s Post

'Electric vehicle, wind turbine and solar panel manufacturers face a shortfall in critical metals and minerals unless more investment is made in projects such as new mines and recycling, according to a report from the International Energy Agency. While market pressures eased in 2023—leading to a slump in prices for metals including copper, lithium, cobalt and nickel—long-term investment is vital to avoid projected demand outpacing supply, according to the analysis from the IEA. The minerals are used in a number of technologies essential to the green transition.'

According to the IEA, “…the world’s current projected supply of lithium will meet only 50% of global demand by 2035.” While this in itself is concerning, the concentration of countries from where lithium and other critical minerals are supplied is even more concerning. As we have seen as of late, exportation of minerals and metals is being controlled by dominant producers, resulting in pricing increases and supply limitations. Domestic supply allows countries to address both supply and pricing.

The International Energy Agency (IEA) reports that the energy transition faces a potential shortage of critical metals and minerals, vital for manufacturing electric vehicles, wind turbines, and solar panels, unless significant investments are made in new mining and recycling projects. Despite a price slump in 2023 for metals like copper, lithium, cobalt, and nickel, long-term investments are crucial to meet future demands. The IEA's analysis indicates that by 2035, the supply of lithium will only meet 50% of global demand, and copper resources will cover just over two-thirds of the required amount. IEA Executive Director Fatih Birol stresses the necessity of secure and sustainable access to these minerals to support the rapidly growing demand for green technologies. Recycling efforts, innovation, and behavioral changes are essential to mitigate supply strains, alongside an estimated $800 billion investment in mining by 2040. While aluminum recycling is well-established, it is not yet the case for many critical metals in electric vehicles and renewable energy technologies. The report suggests that increased recycling could reduce new supply needs by up to 30% by 2040. The recent price slump has made long-term investment in new mining projects less economically viable. Investment in critical minerals mining rose modestly in 2023, with exploration funding also growing but at a slower rate than the previous year. #energytransition

Electric vehicle, wind turbine and solar panel manufacturers face a shortfall in critical metals and minerals unless more investment is made in projects such as new mines and recycling, according to a report from the International Energy Agency. While market pressures eased in 2023—leading to a slump in prices for metals including copper, lithium, cobalt and nickel—long-term investment is vital to avoid projected demand outpacing supply, according to the analysis from the IEA. The minerals are used in a number of technologies essential to the green transition. “Secure and sustainable access to critical minerals is essential for smooth and affordable clean energy transitions,” said IEA Executive Director Fatih Birol. “The world’s appetite for technologies such as solar panels, electric cars and batteries is growing fast—but we cannot satisfy it without reliable and expanding supplies of critical minerals.” According to the analysis, the world’s current projected supply of lithium will meet only 50% of global demand by 2035, while copper resources will meet just over two-thirds of demand by that time. #energytransition #criticalminerals #iea #criticalmineralsoutlook #circulareconomy #recylcing #mining #metals #copper #lithium #solarpanels #windturbines #electricvehicles

A race for resources is underway globally due to the looming supply-demand gap for critical minerals. To achieve net-zero by 2050, a 60% global EV market share is needed by 2030, requiring a substantial increase in mineral inputs. The energy transition relies on low-carbon technologies, demanding a surge in critical minerals supply. Minerals like lithium, cobalt, copper, nickel, and rare earth metals are vital for EVs, renewable energy, and power grids. Clean energy solutions require more materials, e.g., offshore wind is six times more materials-intensive than coal or gas. Rapid demand growth contrasts with slow supply expansion; delays can lead to a supply-demand gap and increased emissions. The Securing Minerals for the Energy Transition (SMET) initiative identifies risks, including economic, environmental, social, political, and technological. Global cooperation is essential to increase awareness, mobilize action, and ensure a sustainable and affordable supply of critical minerals for the energy transition. Urgent action is needed to secure minerals for the energy transition and accelerate the pace toward a 1.5°C world. #sustainability #pakistan #export #industry #mineralprocessing #shortage #ev

Excellent post! The need for drastically more #mining of #criticalminerals, #batterymetals & #rareearthelements is clear. The US will need agressive #permitting reform & focused engagement with #trade partners to play a meaningful role in securing & diversifying this strategic #supplychain. Investments in companies like Chilean Cobalt Corp ("C3"), Ocean Minerals LLC, EVelution Energy & Cordoba Minerals Corp. could accelerate these efforts. Great seeing Members of #Congress, the #Biden Administration, and leaders at the U.S. Department of State, CommerceConnect at US Department of Commerce , U.S. International Development Finance Corporation, U.S. Department of Energy (DOE), & United States Department of Defense stepping up to meet this challenge. There is a lot of work to do.

🇪🇺 INSIGHT: "EU Policy. Why is Lithium crucial to the EU's green and digital transition?" 🇨🇱 🇦🇷 🇧🇴 🇨🇭 🇺🇸 🇨🇳 🇨🇿 🇫🇮 🇫🇷 🇮🇪 🇩🇪 🇵🇹 🇷🇸 🇪🇸 🇬🇧 🇨🇦 🇨🇩 🇬🇱 🇳🇦 🇳🇴 🇷🇼 🇺🇿 Lithium is one of the 34 critical raw materials listed by the EU under the Critical Raw Materials Act, and a key component in the EU’s quest to ditch fossil fuels and switch to clean energy. The Critical Raw Materials Act (CRMA), recently adopted by the EU Council, paves the way for the European industry to deliver 10% of extraction, 40% of refining and 15% of recycling of key minerals by 2030. The new law identifies two lists of materials — 34 critical and 17 strategic — that are crucial for the green transition. Lithium is one of a small group of highly significant critical raw materials. Why Lithium? Lithium has been classified as a key component in the EU’s quest to ditch fossil fuels and switch to clean energy as the mineral is set to see increased demand for the massive production of batteries needed for..... 👉 Article: https://lnkd.in/duP3HH-Y 🌍 TA RawMaterials: https://lnkd.in/d_Np2KpZ (supported by EIT RawMaterials) #lithium #lithiumbatteries #lithiumionbatteries #energystorage #solar #criticalminerals #batteries #manganese #cobalt #renewables #mining #evs #eu #supplychains #nickel #electricvehicles

As the world increasingly focuses on electric cars, battery technologies, solar panels, and renewable energies, the conversation often turns to the raw materials that power these technologies. Achieving a carbon zero target is closely tied to our ability to source and secure these essential materials. But how can we ensure that we have enough of these materials and our sources are secure? This is a critical question that needs addressing as we advance toward more sustainable energy solutions. The International Energy Agency (IEA) recently released the “Global Critical Minerals Outlook 2024.” This report examines the essential role of minerals such as lithium, cobalt, nickel, graphite, and copper in facilitating the global shift toward renewable energy and achieving future carbon footprint goals. The report discusses the vast investment needs, market dynamics, and the strategic actions required to ensure the stable supply of these critical minerals amid escalating demands driven by clean energy advancements. This comprehensive analysis highlights how indispensable minerals like lithium and cobalt are becoming due to their crucial applications in electric vehicle batteries and renewable energy systems. Despite facing significant geopolitical and logistical challenges, these minerals are vital for our sustainable future. Key Insights: •💰 Investment Needs: An urgent requirement of $800 billion by 2040 to meet aggressive net-zero scenarios. •📈 Demand Surge: Demand expected to double by 2030 and triple by 2040. •📊 Market Growth: Potential market value exceeding $770 billion by 2040. •🔽🔼 Market Dynamics: High volatility driven by geopolitical tensions. •🔋⚡ Rising Demand: Stresses on production and recycling capabilities. •💸🌱 Policy Support: Investments to expand supplies with sustainable policies. •🌿🤝 ESG Standards: Emphasis on high environmental and social governance. •⚠️🌎 Transition risks: Addressing environmental impacts and supply-demand imbalances. Strategic Actions: 🔄 Diversify Sources: Broaden supply sources to reduce regional dependencies. ♻️ Enhance Recycling: Promote advanced recycling technologies. 🌐 Foster International Cooperation: Encourage global collaboration for market stability. 🌱 Promote Sustainable Mining: Advocate for environmentally friendly mining practices. 🔗For a comprehensive understanding of those critical raw materials, you can access the complete report (https://lnkd.in/dV3KMTQU).

Interesting read on the renewable minerals mining-boom here in Australia. As usual, we are the lucky country when it comes to finding the good stuff in our vast geological reserves. However there is no doubting that the economy of scale for renewable energy generation and storage is near critical mass and we are in a new energy epoch.

Electric vehicle, wind turbine and solar panel manufacturers face a shortfall in critical metals and minerals unless more investment is made in projects such as new mines and recycling, according to a report from the International Energy Agency. While market pressures eased in 2023—leading to a slump in prices for metals including copper, lithium, cobalt and nickel—long-term investment is vital to avoid projected demand outpacing supply, according to the analysis from the IEA. The minerals are used in a number of technologies essential to the green transition. “Secure and sustainable access to critical minerals is essential for smooth and affordable clean energy transitions,” said IEA Executive Director Fatih Birol. “The world’s appetite for technologies such as solar panels, electric cars and batteries is growing fast—but we cannot satisfy it without reliable and expanding supplies of critical minerals.” According to the analysis, the world’s current projected supply of lithium will meet only 50% of global demand by 2035, while copper resources will meet just over two-thirds of demand by that time. https://lnkd.in/ddXqyWwK