Regarding New Energy Vehicles, Etc., The International Energy Agency Warns Of The Risk Of Future Shortages Of Key Minerals

The International Energy Agency's second annual assessment report on key mineral markets released on the 17th warned that the collapse in production prices of some minerals crucial to the green energy transition may lead to insufficient investment and the risk of supply shortages in the future.

 

The International Energy Agency reported that prices of key minerals used to make clean energy technology products such as electric vehicles, wind turbines, and solar panels have fallen back to pre-COVID-19 levels as supply has kept up with or even exceeded market demand. While lower prices are good for consumers, they may dissuade investors and prevent future production from meeting the global market's growing "appetite" for such minerals, especially as many countries are planning to phase out fuel engines within 10 years. 

 

According to estimates by the International Energy Agency, according to the emission reduction targets set by various countries, by 2035, the production capacity of currently announced mineral mining projects will only be able to meet 70% of copper demand and 50% of lithium demand. These two minerals are used to make electric vehicles. Necessary raw materials for automobiles.

 

The agency predicts that by 2040, the total market for key minerals in the energy transition such as copper, lithium, nickel, cobalt, graphite, and rare earths will more than double its current value, reaching $770 billion. The report said that in 2023, investment in related mining mining projects increased by 10%, and expenditure on exploration projects increased by 15%. The growth rate is "healthy" but lower than in 2022.

 

"Ensuring secure and sustainable access to critical minerals is critical to achieving a smooth, affordable and clean energy transition," IEA Director Fatih Birol said in a statement.

 

The International Energy Agency was established in 1974 and is headquartered in Paris, France. It was originally an intergovernmental organization established by the Organization for Economic Cooperation and Development in response to the oil crisis. It currently has 31 member countries. The original purpose of this organization was to coordinate energy policies among members and ensure the security of oil supply. It now mainly provides policy advice, analysis and data on global energy affairs.

 

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