demand for lithium, cobalt and nickel jumped due to the development of “clean” technologies – Kommersant

The market for metals and minerals needed to make electric vehicles, wind turbines, solar panels and other clean technologies has doubled over the past five years. At the same time, demand for lithium tripled, for cobalt – by 70%, for nickel – by 40%. Such data are provided in the first annual review market for critical minerals, which was published by the International Energy Agency (IEA).

As noted in the report, from 2017 to 2022, the main driver of growth in demand for lithium, cobalt and nickel was the energy sector. The market for metals and minerals needed for clean technologies was $320 billion in 2022, twice as much as in 2017. Startups in the sector raised a record $1.6 billion in 2022.

According to the IEA, investments in mineral development are growing strongly: in 2021 they increased by 20% compared to 2020, and by 30% in 2022. Mining spending rose 20% last year, led by Canada and Australia, which saw a 40% increase in mineral production, primarily for lithium production.

The IEA notes that, subject to the implementation of all government-declared projects for the extraction of minerals necessary for clean technologies, countries will be able to achieve their national goals to reduce harmful emissions under the Paris Agreements. However, the agency emphasizes that additional mining and critical metal production projects are needed to combat a global temperature increase of more than 1.5 degrees by 2030. To discuss and agree on these objectives, the IEA will host the first international summit on Critical Minerals and their role in the clean energy transition on 28 September.

Alena Miklashevskaya