IEA: Shift to clean energy boosts demand for critical metals

The shift to clean energy is boosting demand for critical metals, the International Energy Agency (IEA) said in its new report. The market for cobalt, nickel, lithium and copper, which are essential for manufacturing electric vehicles, wind turbines, solar cells and other key technologies for the energy transition, has doubled over the past five years.

According to the report, investment in the development of critical minerals increased by 30 percent in 2022, following growth of 20 percent in 2021. Among the minerals, lithium saw the largest increase in investment, at up to 50 percent, followed by copper and nickel. According to the IEA, the critical minerals market was worth 320 billion US dollars (6.9 trillion Kč) last year and is expected to continue growing, increasingly moving into the spotlight of the global mining industry.

„At this crucial stage in the world’s transition to clean energy, we are encouraged by the rapid growth of the market for critical minerals, which are vital to achieving global energy and climate goals,“ said IEA Executive Director Fatih Birol.