The world faces a shortage of minerals needed for the energy transition

The lithium mine of the Chilean company Sociedad Quimica Minera in the Atacama Desert, Chile, seen in September 2022. Martin

Bernetti/AFP/Getty Images

News Credit: Anna Cooban (CNN)

LondonCNN — The world is facing a shortage of the minerals needed to make the electric vehicles, wind turbines, solar panels, and other clean energy technologies essential to ending its reliance on fossil fuels.

The Paris-based International Energy Agency said in a report published Friday that steep drops in the prices of lithium, cobalt, nickel, and graphite last year were “good news for consumers” but discouraged investment in the mining of those critical minerals.

The world is on track meet only 70% of global copper demand and 50% of lithium demand by 2035, the agency added.

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