- Jul 12, 2023, 5:00 PM CDT
Global investments in key energy transition minerals have soared in recent years, and the market has doubled, driven by the rise of electric vehicles adoption and a surge in renewable energy capacity installations, the IEA said in its first-ever annual Record levels of spending on mineral deposit development and resource exploration could ease the expected shortages in key battery minerals if projects go as planned by 2030, the IEA says.
“A host of newly announced projects indicate that supply is catching up with countries’ clean energy ambitions, but the adequacy of future supply is far from assured,” the IEA said in the report. The share of the top three producers in 2022 either remained unchanged or has increased further, especially for nickel and cobalt, compared with three years ago. China, the Democratic Republic of Congo, and Indonesia continue to dominate a large part of the critical raw material supply, while China is a dominant player in refining operations.
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