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The need for collaboration between countries was an underlying theme of the summit, echoed by speakers at conferences throughout Europe.
The International Energy Agency’s (IEA) first Critical Minerals and Clean Energy summit, held on Thursday in Paris, France, has produced a list of six key actions aimed at ensuring more secure, sustainable and reliable supply chains.
The first action focuses on diversifying mineral supplies. To support countries’ clean energy ambitions, it will be necessary to significantly increase supplies of many minerals and metals, the IEA said.
“The level of over-concentration that we see in critical minerals markets today is unlike that for any other major commodity we have come to rely on in the modern world,” said IEA Executive Director Fatih Birol. “History has shown us that failing to properly diversify supplies and trade routes of essential resources comes with profound risks.”
The second underscores the importance of recycling materials to alleviate strains on supply. The IEA also announced that it will undertake an in-depth study to examine effective approaches to recycling. The study will cover all potential sources such as e-waste, industry scrap, end-of-life batteries, wind turbines and permanent magnets, although no time frame for completion or publication was indicated.
The third action seeks to promote transparency in markets, warning that some critical minerals markets are characterised by limited price transparency, which could lead to volatility and hinder investment. To combat this lack of transparency, the IEA pledged to strengthen its market monitoring capabilities. The fourth action similarly focused on the need to enhance reliable information, specifically to ensure that the IEA remains able to provide reliable, up-to-date data.
The remaining actions looked at creating incentives for responsible practice regarding sustainability and stressed the importance of collaboration. Summit participants highlighted the need to speed up approvals of new facilities without loosening legal and regulatory protections. |
