IEA Critical minerals summit 2023
On September 28, 2023, the International Energy Agency (IEA), organized the Critical minerals and clean energy summit. The summit brought together nearly 50 countries to discuss the role of critical minerals in facilitating a rapid and safe transition to clean energy
Critical minerals such as lithium, cobalt, nickel and copper are Fundamental to the production of clean energy technologies such as wind turbines, electric vehicles and solar panels.
In the words of Executive Director, Fatih Birol, the IEA recognizes the growing demand for critical minerals and the need for diversified supplies to ensure the production of clean energy technologies, so it has established a new division called "Energy Security and Critical Minerals Division."
The division will address critical minerals issues and ensure secure and sustainable supplies for the clean energy transition.
The vertices focused on 6 key action areas to ensure safe and reliable supplies of critical minerals, with representatives from producing and consuming countries globally alternating between interventions by stakeholders from both groups.
USA: green transition and social responsibility
Speaking on behalf of the United States was, Jennifer Granholm, energy secretary in the U.S. administration, emphasizing the importance of international cooperation and creative thinking in addressing the global energy crisis as it relates to critical minerals and materials.
Granholm stressed the need to think about strategies, regulations, and innovation ecosystems, towards a dominant player such as China. Following the lead of the Biden administration, he stressed the urgency of the clean energy transition in the fight against the climate crisis and the growing complexity of global energy security.
Finally, the speech closed by emphasizing social issues: going beyond financial considerations, we need to adopt responsible practices, ensuring fair wages, safe working conditions and environmental protections, focusing collaboration with producing communities to enhance local economic opportunities and minimize the damage to the planet from mineral extraction.
Indonesia new star
For theIndonesia, emerging actor In the scenario of critical commodities such as first global nickel producer, intervened Arifin Tasrif, Minister of Energy, stressing that due to its potential for critical mineral resources, Indonesia is committed to further developing its mining and refining capabilities.
This factor will support the country's ambitious electrification strategies, helping to achieve the goal of zero emissions by 2060. Tasrif emphasizes the Strategic value of these resources to the economy and national security, as minerals supporting clean technologies have doubled in the past five years and demand for minerals for the energy transition, such as lithium, cobalt, nickel and copper, is rapidly increasing.
However, due to limited availability, the minister accentuated the need for effective resource management, including increasing reserves through exploration andefficiency optimization Through the use of processing residues through recycling.
This requires increased collaboration, technology development and industrial efforts to secure and sustain mining supply chains for the energy transition.
Mines and deals for Europe
Thierry Breton, European Commissioner for the internal market, recognizes that theEuropean continent has lost its competitive edge in the mining industry and transformation, but stresses the need to change pace, emphasizing the geopolitical risks of over-reliance on the supply chain.
Europe in its strategy outlined in the Critical Raw Materials Act will try to reactivate national mines to have domestic production, but it is also forging partnerships with producing countries. In recent years, the EU has signed Agreements with Canada, Argentina, Namibia and is negotiating upcoming partnerships with players such as the Democratic Republic of Congo and Australia.
One idea to consider according to Breton is the creation of a "Critical Commodities Club" that can bring resource-rich and consumer countries together around one table to address the sustainability of processes and develop local processing capabilities with advanced technologies provided by Western countries.
Electric India and biofuels
In his speech, VL Kanta Rao, Secretary of the Ministry of Mines., congratulated India on its successful G20 chairmanship and thanked the IEA for the opportunity to showcase India's work on clean energy.
India is also getting involved in addressing climate change through initiatives such as the LIFE (Lifestyle for Environment) program, which aims to reduce carbon emissions and achieve net zero emissions by 2070.
According to national plans, by 2030 the subcontinent will reduce 45% of emissions intensity by increasing installed capacity from renewable sources to 500 gigawatts by then. The sharpest intervention will be on the fleet, electrifying a significant portion of motorcycles, and buses, and reaching a 30% market share of electric vehicles within the decade.
India is also creating a green hydrogen innovation center and points to a global biofuels alliance where would like act as a forefront leader. On the critical commodities front, Rao explained the incentives in place in India related to the production and exploration activities of critical minerals, urging mining groups to explore the still underutilized potential and investment opportunities in India's auctioned critical mineral deposits.
It is also increasing the gas supply to India as a transitional energy source between fossil fuel and renewables.
Madagascar's graphite
The Madagascar's Minister of Mines and Strategic Resources, Herindrainy Olivier Rakotomalala, stressed the specific geological situation of the Madagascar, which makes it rich in critical minerals. Recently, a Japanese consortium's investment in cobalt and nickel mining has been welcome in the country, generating employment and boosting exports.
The material of which, however, the country could be a key supplier is graphite and Rakotomalala expressed the government's interest in inviting companies to further invest in the country's resource market to make it integral part of global graphite production chains.
Despite the need for funds and the great mining potential, the minister urged the assembled states to agree on measures to bring structured companies with real capabilities to developing countries, avoiding speculation On very fragile resources and ecosystems.
Transparency, incentives and stocks
In conclusion, the participants agreed that the transparency of mineral markets critics and theaccess to information and reliable data are essential to the smooth functioning of needs and develop informed policies. Participants called for transparent markets that facilitate new investments by strengthening due diligence and traceability practices.
Thus, the sustainable and responsible production of critical minerals and the need for incentives to reward environmental, social and governance efforts in production.
International collaboration among governments, market participants, civil society, and international organizations is critical to addressing the challenges posed by critical minerals.
Finally, as interesting insights emerged, discussions on mechanisms such asthe so-called voluntary stockpiling to improve the security of supply chains.
The evolution of critical commodity markets is a crucial challenge for the development of future technologies, from aerospace to renewables to semiconductors, and Menerva will be at the window with analysis, scenarios and reports on this major challenge of the 21st century
- Diversification of material supplies
- Implementation of recycling technologies
- Promoting a transparent market
- Improved availability of information
- Encouraging sustainable mining production
- Strengthening international collaboration
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