So-called “critical” materials (lithium, cobalt, graphite, rare earths, nickel, etc.) are needed to make carbon-free sources of energy production and storage. Due to a significant increase in supply, the price of these materials dropped significantly in 2023, reducing the average cost of electric batteries by 14%.
For example, the Agency estimates that by 2035, only 50% of the world’s lithium needs needed to meet the climate goals set in the Paris Agreement will need to be met, based on existing and future mining and processing projects. Of the six major minerals identified as key to the energy transition, four are expected to suffer from supply shortages: lithium, copper, nickel and cobalt.
While lithium is the material most exposed to supply risks, cobalt, graphite, nickel and rare earths are subject to high geopolitical risks due to the concentration of mining resources and supply chain vulnerabilities. By 2030, more than 90% of the graphite used in batteries and 77% of refined rare earth elements will come from China.
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