Page 4 - AfrElec Week 18 2021

AfrElec COMMENTARY AfrElec

Rush for renewables sees demand

for critical minerals soar

Unmet demand for copper, lithium, nickel and cobalt could
create potential energy security hazards, warns the IEA

GLOBAL GOVERNMENT and corporations need to how they plan to turn their climate pledges into
increase and make more sustainable the supply action. By acting now and acting together, they
WHAT: of crucial metals that form the core of current can significantly reduce the risks of price volatil-
Governments must act to and future clean energy technologies, otherwise ity and supply disruptions.”
ensure a ready supply of the world will not be able to reduce emissions The IEA report stressed that the mineral
the crucial minerals and and meet climate change goals. requirements of an energy system powered by
rare earth metals needed The International Energy Agency (IEA) clean energy technologies differ profoundly
by green technology said in a recent report that governments must from one that runs on fossil fuels.
act now to ensure that critical minerals such as For example, a typical electric car requires six
WHY: copper, lithium, nickel and cobalt are available times the mineral inputs of a conventional car,
There is a looming to accelerate the transition to clean energy. Such and an onshore wind plant requires nine times
mismatch between the minerals and rare earth elements are crucial for more mineral resources than a similar-sized gas-
world’s climate targets the secure and rapid transformation of the global fired power plant.
and the availability of energy sector, the report said. “Left unaddressed, these potential vulner-
essential critical minerals abilities could make global progress towards a
The report warned that any problems with clean energy future slower and more costly – and
WHAT NEXT: the production and distribution of such min- therefore hamper international efforts to tackle
Clean energy demand for erals, which are used in various forms of tech- climate change,” Dr Birol said.
critical minerals is set to nology from electric vehicles (EVs) to wind “This is what energy security looks like in the
soar as the world pursues turbines, could create bottlenecks that hold back 21st century, and the IEA is fully committed to
net-zero goals the energy transition. helping governments ensure that these hazards
don’t derail the global drive to accelerate energy
Profound mismatch transitions.”
“Today, the data shows a looming mismatch
between the world’s strengthened climate ambi- Six-fold increase
tions and the availability of critical minerals that Demand outlooks and supply vulnerabilities
are essential to realising those ambitions,” said vary widely by mineral, but the energy sector’s
Fatih Birol, executive director of the IEA. overall needs for critical minerals could increase
“The challenges are not insurmountable, by as much as six times by 2040, depending
but governments must give clear signals about on how rapidly governments act to reduce

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