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Is the world replacing oil dependency with critical minerals?
Brookings
2024.05.03
Clear signs of progress toward an “energy transition” that will slash emissions are now coming into focus. The good news isn’t becoming a reality everywhere in the world nor arriving at the same speed, of course, because technological revolutions never happen in global lockstep. But the signs of change are unmistakable.
The energy transition is now driving demand for critical minerals like copper (used in wires), lithium (used in batteries) and rare earth minerals (used in motors). In the future, as the transition accelerates and spreads more widely, demand for these critical minerals is expected to soar. Will suppliers be able to keep pace, and will some countries use controls over supplies to wield geopolitical influence?