A shortage of these metals could make the climate crisis worse

By Cnn Business9 days ago

London (CNN Business)The world won't be able to tackle the climate crisis unless there is a sharp increase in the supply of metals required to produce electric cars, solar panels, wind turbines and other clean energy technologies, according to the International Energy Agency.

As countries switch to green energy, demand for copper, lithium, nickel, cobalt and rare earth elements is soaring. But they are all vulnerable to price volatility and shortages, the agency warned in a report published on Wednesday, because their supply chains are opaque, the quality of available deposits is declining and mining companies face stricter environmental and social standards.

AD

Limited access to known mineral deposits is another risk factor. Three countries together control more than 75% of the global output of lithium, cobalt and rare earth elements. The Democratic Republic of Congo was responsible for 70% of cobalt production in 2019, and China produced 60% of rare earth elements while refining 50% to 70% of lithium and cobalt, and nearly 90% of rare earth elements. Australia is the other power player.

Continue read on cnn.com