The International Energy Agency warns that copper demand will outstrip supply by 2035, potentially falling 30% short if trends continue. Executive director Fatih Birol highlights the urgency of the situation and emphasizes the need for developed countries to increase refining of essential metals and partner with developing nations. Current mineral processing is heavily dominated by China, which refines over 70% of the world's critical minerals like cobalt and lithium, essential for renewable energy technologies. Birol stresses that without proactive government policies and diversified sourcing, transitioning to a low-carbon economy will face significant hurdles.
The average share of the top suppliers is expected to decline only marginally over the next decade.
It’s time to sound the alarm. We need more investment, greater collaboration, and government support to increase critical minerals’ supply.
#copper-demand #supply-chain #transition-to-low-carbon #critical-minerals #international-cooperation
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