OLC Project Management’s Post

The latest International Energy Agency (IEA) Global Critical Minerals Outlook 2024 highlights the massive increase in demand for critical minerals that will be required to build and adapt our infrastructure to achieve net zero emissions and drive the clean energy transition. #CriticalMinerals #NetZero #CleanEnergy #infrastructure Key Takeaways: 🔷 Global demand for critical minerals like lithium, nickel, cobalt and rare earths could surge up to 6 times by 2040 under a sustainable development scenario. This will require a massive ramp-up in production across a diverse range of minerals. #MineralsDemand 🔷 Supply concentration is a major risk, with just 3 countries accounting for over 75% of 2022 production for many key minerals. Diversifying production across more regions is crucial for supply security. #SupplyChainRisks #ResourceSecurity 🔷 Prices spiked in 2022 due to strong demand and underinvestment in new capacity over the past decade. Scaling up investment in new projects is essential to meet projected demand growth. #CriticalMineralPrices #Investment 🔷 Responsible sourcing and robust environmental, social and governance (ESG) standards are becoming increasingly important to address sustainability concerns across mineral supply chains. #ResponsibleSourcing #ESGStandards 🔷 Enhancing resilience through recycling, reuse, substitution and technology innovation will be key to reducing risks and environmental impacts of rising mineral demand. #CircularEconomy #Innovation With critical minerals vital for clean technologies and net zero, investors and businesses must prioritize supply chain resilience, sustainable sourcing strategies, and new collaborative business models to overcome infrastructure gaps. #ResourceStrategy #Transformation #Leadership

Minerals are essential to the global economy and to the technologies powering the clean energy transition. Diverse, secure, and sustainable supply chains for critical energy minerals are vital to deploying these technologies at the speed and scale necessary to combat the climate crisis. The Minerals Security Partnership (MSP) aims to accelerate the development of diverse and sustainable critical energy minerals supply chains through working with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain. MSP partners include Australia, Canada, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States, and the European Union (represented by the European Commission). The MSP considers projects along the full clean energy value chain, from mining, extraction, and secondary recovery, to processing and refining, and ultimately to recycling. The MSP focuses on the minerals and metals supply chains most relevant for clean energy technologies. These include – but are not limited to – lithium, cobalt, nickel, manganese, graphite, rare earth elements, and copper.   About the MSP Under Secretary of State for Economic Growth, Energy and the Environment Jose W. Fernandez explains the goals of the MSP. For Full details : https://lnkd.in/gWG3QTe2

The world's journey to a decarbonised energy future requires a shift towards the development of low-carbon technologies. The development of these low-carbon technologies in the areas of solar power, electric vehicles, battery storage and green hydrogen are driving an increase in the production of minerals and metals such as copper, lithium, nickel, cobalt, graphite, and rare earth elements, collectively known as critical minerals. As this demand intensifies, it could offer untold opportunities for resource-producing regions like Africa. In the past five years, the demand for critical minerals has seen the market double, reaching $320 billion in 2022. In the past year alone, the demand for lithium has risen by 30 per cent. Demand is projected to continue on this trajectory, more than doubling again by 2030 and quadrupling by 2050. Annual revenues are projected to reach $400 billion by 2050. https://lnkd.in/dXn6dgpB

📊 Investment in transition critical minerals is not yet sufficient. By 2035, resources announced or already deployed can cover only 70% of global copper demand growth and half that of lithium, assuming that all national plans are met to the letter. And again, the geography of current investments would not change one of the most problematic points: the extreme concentration of the chain of critical raw minerals in the hands of China, especially for the refining segment.  This is the warning issued today by the International Energy Agency in the Global Critical Minerals Outlook 2024 report. “Safe and sustainable access to critical minerals is essential for smooth and affordable transitions to clean energy. The world’s appetite for technologies such as solar panels, electric cars and batteries is growing rapidly, but we cannot satisfy it without reliable and expanding supplies of critical minerals,” said IEA Executive Director Fatih Birol. #SENnews #environmnent #globalwarming #greeneconomy #solar #eolic #energy #greenenergy #solarenergy #windenergy #sustainable #sustainabledevelopment

Minerals are essential to the global economy and to the technologies powering the clean energy transition. Diverse, secure, and sustainable supply chains for critical energy minerals are vital to deploying these technologies at the speed and scale necessary to combat the climate crisis. The Minerals Security Partnership (MSP) aims to accelerate the development of diverse and sustainable critical energy minerals supply chains through working with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain. MSP partners include Australia, Canada, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States, and the European Union (represented by the European Commission). The MSP considers projects along the full clean energy value chain, from mining, extraction, and secondary recovery, to processing and refining, and ultimately to recycling. The MSP focuses on the minerals and metals supply chains most relevant for clean energy technologies. These include – but are not limited to – lithium, cobalt, nickel, manganese, graphite, rare earth elements, and copper.   About the MSP Under Secretary of State for Economic Growth, Energy and the Environment Jose W. Fernandez explains the goals of the MSP. For Full details : https://lnkd.in/gWG3QTe2

For those who are interested in #criticalminerals, here are some interesting insights from the International Energy Agency (IEA) first annual Critical Minerals Market Review. The market for #criticalminerals, essential for clean energy technologies like #electricvehicles and #renewableenergy, has doubled in size over the past five years. The review reveals a significant surge in planned projects, driven by the growing demand for minerals such as #lithium, #cobalt, #nickel, and #copper. The energy sector has played a crucial role in the increased demand for these minerals, with the market reaching USD 320 billion in 2022. Despite this growth, challenges remain, and more efforts are needed to ensure secure and sustainable supply chains for critical minerals. Key Takeaways: Market Growth and Demand Surge: The market for minerals supporting #cleanenergy technologies has doubled in size over the past five years, reaching USD 320 billion in 2022. The #energy sector has been a major driver, leading to a tripling in demand for lithium, a 70% increase in demand for cobalt, and a 40% rise in demand for nickel from 2017 to 2022. Investment and Project Development: In response to the increased demand, #investment in #criticalmineral development rose by 30% in the last year, with lithium experiencing the sharpest increase at 50%, followed by copper and nickel. The growth in spending on mineral supplies is seen as crucial for the affordability and speed of #cleanenergy transitions. Challenges and Concerns: While the surge in planned projects could potentially meet national climate pledges, there are concerns about supply chain security, sustainability, and diversity. The #IEA highlights the need for more projects by 2030, and the risk of delays and technology-specific shortfalls. The report also raises concerns about the concentration of critical mineral production in dominant countries and notes mixed progress in environmental, social, and governance (#ESG) practices. Read more here: https://lnkd.in/gmMarF_H

Canada’s #Critical #Minerals List includes 31 minerals that are either currently produced or have the potential to be produced. These minerals are the building blocks for the low-carbon & digital economy, and are essential for advancing technologies, such as #renewable energy systems, #defence, #EVs, and technology devices. Critical minerals #Consultation #Update is open till February 16th so ensure to #comment.

Battery minerals are essential for the clean energy transition and decarbonizing transportation. Demand for these minerals will greatly increase by 2040, potentially leading to supply shortages by 2030.

President of the United States, Joseph R. Biden: “The countries that take decisive action now to create the industries of the future will be the ones that reap the economic benefits of the clean energy boom that’s coming.”  If you are interested in the responsible critical minerals supply chains globally: In June 2022, the Minerals Security Partnership (MSP) was officially announced in Toronto, Canada as an ambitious new initiative to bolster critical mineral supply chains.  Today, the Minerals Security Partnership (MSP) is a collaboration of 13 countries and the EU to catalyze public and private investment in responsible critical minerals supply chains globally. Minerals are essential to the global economy and to the technologies powering the clean energy transition. Diverse, secure, and sustainable supply chains for critical energy minerals are vital to deploying these technologies at the speed and scale necessary to combat the climate crisis. The Minerals Security Partnership (MSP) aims to accelerate the development of diverse and sustainable critical energy minerals supply chains through working with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain. MSP partners include Australia, Canada, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States, and the European Union (represented by the European Commission). The MSP considers projects along the full clean energy value chain, from mining, extraction, and secondary recovery, to processing and refining, and ultimately to recycling. The MSP focuses on the minerals and metals supply chains most relevant for clean energy technologies. These include – but are not limited to – lithium, cobalt, nickel, manganese, graphite, rare earth elements, and copper. About us and our FREE monthly report: www.Critical-Minerals.info Follow us: https://lnkd.in/dZKutJR9. Source: https://lnkd.in/eHjNidZR

Empowering the Clean Energy Future: The Global Impact of the Minerals Security Partnership · The MSP includes a broad coalition of countries committed to reshaping the global supply chain for critical minerals. · It aims to support projects that adhere to high ESG standards, promoting sustainability and ethical practices in mining and processing. · The initiative is part of a larger effort to combat climate change by ensuring the availability of materials necessary for clean energy technologies. The Minerals Security Partnership (MSP), a collaborative initiative among 13 countries and the European Union, is designed to spur public and private investments in responsible, critical mineral supply chains worldwide. Essential for the global economy and clean energy technologies, the MSP aims to develop sustainable and diverse supply chains for critical minerals like lithium, cobalt, and nickel to address the climate crisis. It emphasises high environmental, social, and governance (ESG) standards across global mineral sectors, promising to support projects that meet these rigorous criteria. The MSP represents a significant economic shift towards investing in critical mineral supply chains that are both sustainable and responsible. By focusing on minerals essential for clean energy technologies, the partnership is laying the groundwork for future economic stability and growth, particularly in the clean energy sector. This initiative could lead to increased job creation, technological advancements, and a stronger global economy that is less dependent on fossil fuels. On the geopolitical front, the MSP underscores the strategic importance of critical minerals in global politics and energy security. It enhances cooperation among participating countries, reduces dependency on single-source suppliers, and addresses concerns over supply chain vulnerabilities. This collaboration reflects a collective move towards securing a sustainable and resilient future, balancing national interests with global environmental goals. https://bit.ly/48iyNie #MineralsSecurityPartnership #SustainableMining #CleanEnergyTransition #CriticalMinerals #ESGStandards #GlobalCooperation #EnergySecurity #ClimateAction Minerals Council of Australia Critical Minerals Association USA