26 °C Singapore, SG
February 22, 2024
Latest News
Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview GS E&C to develop bioethanol using cassava waste Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy

Critical minerals investments surged by 30% finds IEA

The supply of key minerals is important to the energy transition.

The International Energy Agency (IEA) highlighted a large increase in planned clean tech projects in its first annual market evaluation, resulting to a 30% increase in investments focused on mining essential minerals in 2022. And the supply may be sufficient to meet the demand.

According to the survey, the market for minerals used to power electric vehicles, wind turbines, solar panels, and other clean energy transition technologies has more than doubled in the last five years.

The first annual IEA Critical Minerals Market Review, presented in conjunction with a new online data explorer, reveals that unprecedented deployment of sustainable energy technologies is driving massive demand for minerals such as lithium, cobalt, nickel, and copper.

According to the Agency, the energy industry has been the primary driver of a tripling in global demand for lithium, a 70% increase in demand for cobalt, and a 40% increase in demand for nickel during the last five years.

They said that the market for energy transition minerals will reach $320 billion by 2022 and will continue to develop rapidly.

Fatih Birol represents the first critical minerals market review from the IEA.

“A secure and affordable clean energy transition will be critically dependent on the availability of critical minerals around the world,” IEA executive director Fatih Birol said at the review’s release.

“The market response, increasing investments, is an important signal that the markets are buying into [the energy transition], that the clean energy transition will be faster in the years to come, and that we will need more critical minerals.”

Birol elaborated on concerns raised in the report, especially diversification, particularly in the refining area, which remains dominated by China, as well as the increasing emission intensity of production.

Boosting investments

According to the report, vital mineral development investments increased by 30% last year, following a 20% growth in 2021. Among the various minerals, lithium witnessed the greatest rise in investment, with a 50% increase, followed by copper and nickel.

According to the paper, if all planned essential mineral projects throughout the world are completed, supply might be sufficient to satisfy governments’ national climate targets. The possibility of project delays and technology-specific deficiencies, on the other hand, offers little room for complacency about supply adequacy.

More projects would be required in any event by 2030 if global warming is to be limited to 1.5 degrees Celsius.

Have you read:
‘Network planning needs to be ahead of the curve’ – IEA
Retrofitting buildings and doubling the pace of energy efficiency key topics at IEA conference in Paris

Earlier this year the IEA released a report on supply chains, finding diversity of supply as a critical concern – a finding that remains with the market review, which finds many new project announcements coming from already dominant countries.

Compared to three years ago, they stated, the share of the top three critical mineral producers in 2022 either remained unchanged or increased further, especially for nickel and cobalt.

Data explorer

Accompanying the announcement of the review is the new IEA Critical Minerals Data Explorer, an open interactive online tool that allows users to access and navigate the IEA’s data and projections for critical minerals.

In this first version, the tool provides users with access to the IEA’s demand projections under various scenarios and technology trends. Supply-side information will be added in future updates.


Leave a Reply

Your email address will not be published. Required fields are marked *