The global mineral industry will have to rapidly scale up production to meet surging demand from the new energy sector, the International Energy Agency (IEA) has warned.
To reach the target of net-zero emissions by 2050, the energy sector will be consuming minerals at six times the current rate by 2040, the IEA forecast in a special report on Wednesday May 5.
"Today, the data shows a looming mismatch between the world's strengthened climate ambitions and the availability of critical minerals that are essential to realizing those ambitions," Fatih Birol, executive director of the IEA, said.
"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."
The global drive in new energy is spurring...