A major new study released by the International Energy Agency (IEA) has found that several key critical minerals will play a major role in the provision of a suite of new clean energy technologies required to replace the functionality of fossil fuels in meeting climate goals. The demand for minerals such as lithium, graphite, cobalt, nickel and rare earths will rise by nearly four times by the year 2040, with lithium dominating that growth in terms of magnitude. Electric vehicles and network augmentations (mainly copper) dominate the demand sources for critical minerals, with solar, wind and other low carbon generation only a fraction of total demand. This is due to the widespread and decentralised nature of transmission and private transport, compared to the relatively centralised nature of utility scale power generation.
The report suggests rapidly diversifying supply sources and reducing demand for critical minerals. This can be through reducing the material intensity of clean energy technologies, such as improvements in solar cell efficiency reducing silicon usage by 40-50%, or through ramping up significant new recycling programs. The number of spent batteries could rise to more than 1,300 gigawatt hours by 2040, mostly from electric cars, and 12% of that volume could be recycled in that year. The IEA also recommend actions to reduce the emissions intensity of the production of various commodities, the highest of which is currently cobalt sulfate.
“Today, the data shows a looming mismatch between the world’s strengthened climate ambitions and the availability of critical minerals that are essential to realising those ambitions,” said Fatih Birol, Executive Director of the IEA. “The challenges are not insurmountable, but governments must give clear signals about how they plan to turn their climate pledges into action. By acting now and acting together, they can significantly reduce the risks of price volatility and supply disruptions.”
Source: Renew Economy
Global site 
Finnish site