The International Energy Agency (IEA) in a report Tuesday called for opening more mineral mines, including cobalt mines, to combat climate change.
Mineral mines are critical for shifts in the energy market, particularly towards solar panels, windmills and electric vehicles. The IEA’s report cites the transition to greener forms of energy as a reason for the market’s increased demand for minerals such as cobalt, nickel and lithium.
“The energy sector was the main factor behind a tripling in overall demand for lithium, a 70% jump in demand for cobalt, and a 40% rise in demand for nickel. The market for energy transition minerals reached USD 320 billion in 2022 and is set for continued rapid growth, moving it increasingly to centre stage for the global mining industry,” the IEA said in a press release on the report.
The increased demand has produced a corresponding rise in the number of mines extracting these minerals.
“If all planned critical mineral projects worldwide are realised, supply could be sufficient to support the national climate pledges announced by governments, according to the IEA’s analysis,” the press release continued. “However, the risk of project delays and technology-specific shortfalls leave little room for complacency about the adequacy of supply. And more projects would in any case be needed by 2030 in a scenario that limits global warming to 1.5 °C.”
Calls for more mineral mines have been under scrutiny for both human rights and economic concerns.
One speaker at the World Economic Forum in Davos, Switzerland, warned of the “horrific” conditions in cobalt mines, many of which are located in the Democratic Republic of the Congo, while a U.S. Department of Energy official referred to “blood cobalt.”
As automakers gather at #CES2023 to proudly announce their newest models of EVs, I wonder how much time they will spend discussing that this is the kind of hellscape from which the cobalt in their batteries is mined?@StMartinsPress @Freedom_Fund @CNNFreedom pic.twitter.com/vDHvQozmem
— Siddharth Kara (@siddharthkara) January 5, 2023
Republican lawmakers have expressed concerns over the increased demand for these minerals. Republican Rep Bill Johnson of Ohio criticized a Biden administration policy to transition the U.S. military to an entirely electric non-tactical vehicle fleet, which could increase dependence on Chinese cobalt. Republican Arizona Rep. Paul Gosar also criticized the administration for overregulating American mining. (RELATED: GOP Rep Introduced Bill To Counter Chinese Use Of ‘Forced Labor’ In Critical Minerals)
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Mineral Mondays host @RepGosar blasts the Biden Admin for adding unnecessary regulation to America’s critical minerals while over-utilizing underregulated mines in other countries that poison millions of people. pic.twitter.com/Q78WjWVitW
— Oversight Committee (@GOPoversight) June 14, 2023
The IEA is set to host an international summit on critical minerals on Sept. 28 that will include “ministers from countries in the IEA Family and beyond – including both large mineral producers and consumers – as well as business leaders, investors, heads of international organisations and civil society representatives,” according to the IEA.