Global Energy Transition Mineral Demand Projections

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Adi Ahdiat 27/09/2024 17:36 WIB

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The IEA projects that mineral demand for the energy transition will increase until 2040, particularly for copper, graphite, nickel, lithium, cobalt, and rare earth metals.

Projected Mineral Demand for Global Energy Transition (2023-2040)

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Projected Mineral Demand for Global Energy Transition (2023-2040)

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According to the International Energy Agency (IEA), six key minerals are essential for supporting the energy transition: copper, graphite, nickel, lithium, cobalt, and rare earth metals.

These minerals serve as raw materials for the production of clean technologies, such as solar power plants, wind turbines, electric vehicles, batteries, and more.

The IEA projects that global demand for copper in the energy transition will reach 11.98 million tons in 2040, an 88% increase compared to 2023.

Between 2023 and 2040, demand for graphite is also projected to increase by 446%, nickel by 405%, lithium by 842%, cobalt by 191%, and rare earth metals by 196%, with the volume details shown in the graph.

The IEA based these projections on the *stated policies scenario*, reflecting national policies in place in 2023.

This means that if countries implement stronger energy transition policies in the future, mineral demand could rise even further.

"An accelerating pace of the energy transition will significantly increase mineral demand," stated the IEA in its *Global Critical Minerals Outlook 2024* report.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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