Almost 50 countries from across the world – including large and emerging critical mineral producers and consumers – met at the end of September, with senior officials from industry, investment and civil society at the first Critical Minerals and Clean Energy Summit organised by the International Energy Agency (IEA).
The “first-of-its-kind” international summit builds on a ministerial mandate given to the IEA in 2022 to further its work on critical minerals. The IEA has been asked by governments around the world to make recommendations on options to diversify supplies of critical minerals and clean energy technology manufacturing.
As part of the mandate, the IEA is creating a new “Energy Security and Critical Minerals Division” within its Secretariat dedicated to these issues.
“The level of over-concentration that we see in critical minerals markets today is unlike that for any other major commodity we have come to rely on in the modern world. History has shown us that failing to properly diversify supplies and trade routes of essential resources comes with profound risks,” said Fatih Birol, IEA Executive Director. “Locking in secure and sustainable supplies of critical minerals for the clean energy transition has quickly become a top priority for governments, companies and investors around the world. The IEA has been working on this issue for years and established a leadership role, as reflected by the broad and high-level participation in this Summit. With many stakeholders now asking how well prepared they are for this new reality, the IEA is expanding and deepening our work to help countries around the world develop robust and resilient clean energy supply chains.”
The first annual IEA Critical Minerals Market Review released in July showed that the record deployment of clean energy technologies is propelling “huge demand” for minerals such as lithium, cobalt, nickel and copper.
During last week’s summit, ministers agreed on several actions “to ensure secure, sustainable, and reliable critical mineral supplies.” This includes accelerating diversified mineral supplies to support clean energy goals, embracing technology and recycling to enhance efficiency, promoting market transparency to attract investment, and improving data availability for well-functioning markets and policymaking.
“Fostering inclusive dialogue must be at the forefront of the critical minerals agenda as we navigate this complex and multifaceted issue within the clean energy transition,” Dr. Birol said. “Through its analysis and data, it is the IEA’s mission to ensure that critical minerals become a symbol of international cooperation rather than resource anxiety.”
Other action plans include incentivising sustainability through ESG rewards and efficient approvals and fostering global collaboration to meet critical mineral demand and enhance supply chain resilience.
The IEA will hold a Ministerial Meeting in February 2024, coinciding with its 50th anniversary, to address the role of critical minerals in energy security and climate change and announce the next phase of the Voluntary Critical Mineral Security Programme.