Critical Materials for the Energy Transition: Of “Rare Earths” and Even Rarer Minerals
Critical Materials for the Energy Transition: Of “Rare Earths” and Even Rarer Minerals
Abstract
As the world pursues net-zero carbon emission goals, demand is set to soar for the critical materials required for the technologies leading the energy transition. Lithium, nickel, copper, cobalt, and rare earth elements are vital for electric vehicles (EVs), fuel cells, electricity grids, wind turbines, smart devices, and many other key civilian and military technologies. For example, an offshore wind plant needs 13 times more mineral resources. The International Energy Agency (IEA) report. The IEA warns that the energy sector’s overall need for critical minerals could rise by as much as six times by 2040. There is a looming mismatch. The mineral supply chain will complicate achievement of climate and ESG goals.
