The Chinese stranglehold on critical minerals creates “vulnerabilities” for the global transition to electrification and renewable energy, the International Energy Agency said Wednesday in its annual World Energy Outlook.
“A single country is the dominant refiner for 19 out of 20 energy-related strategic minerals, with an average market share of around 70 percent,” IEA said in a press release. “Geographic concentration in refining has increased for nearly all key energy minerals since 2020, and particularly for nickel and cobalt.”
IEA called for “stronger action by governments” to boost mineral supply.
Minerals are the foundation of the modern global economy. They’re needed for batteries, electric vehicles, wind and solar farms and parts of the electricity grid, as well as semiconductors, weapons systems and many other industries.
