Demand for critical minerals — including, lithium, copper, nickel and cobalt — will x4 to meet global net-zero targets by 2030, according to the latest report by IEA.
Forecast supply from announced projects for critical minerals will provide between 65%-90% of demand to meet net-zero requirements for wind, solar, heat pumps, batteries, and electrolysers.
But, this is still not enough.
According to the IEA, the world is set to invest a record US$1.8 trillion in clean energy in 2023, but this will needs to increase to around US$4.5 trillion a year by the early 2030s.
“One risk arises from the way that global supply is set to remain highly concentrated among— IEA, Net Zero Roadmap A Global Pathway to Keep the 1.5 °C Goal in Reach
a small number of countries and companies. More diverse supply chains would increase
Global investment in clean energy is set to outstrip investment in fossil energy by a factor of
1.8 to 1 in 2023. This ratio rises to 10 to 1 in 2030 in the NZE Scenario, when around
USD 2.5 trillion is invested in clean electricity and low-emissions fuels and around
USD 1.8 trillion in energy efficiency and end-uses, while investment in fossil fuel supply falls
to around USD 0.4 trillion (Figure 4.4).
The world is set to invest a record USD 1.8 trillion in clean energy in 2023: this needs to
climb to around USD 4.5 trillion a year by the early 2030s to be in line with our pathway.