IEA summit offers 6 steps for secure clean energy supply

GENEVA

The IEA Critical Minerals and Clean Energy Summit held in Paris on Thursday delivered six key actions for secure, sustainable and responsible supply chains.

The first-of-its-kind international summit gathered ministers, industry leaders and investors from almost 50 countries to discuss effective courses of action on critical minerals to ensure rapid and secure energy transitions.

The key action areas, according to a statement released by the International Energy Agency (IEA), include accelerating progress towards diversified minerals supplies; unlocking the power of technology and recycling; promoting transparency in the markets; enhancing the availability of reliable information; creating incentives for sustainable and responsible production; and strengthening efforts on international collaboration.

"The level of over-concentration that we see in critical minerals markets today is unlike that for any other major commodity we have come to rely on in the modern world. History has shown us that failing to properly diversify supplies and trade routes of essential resources comes with profound risks," IEA Executive Director Fatih Birol said in the statement.

"Locking in secure and sustainable supplies of critical minerals for the clean energy transition has quickly become a top priority for governments, companies and investors around the world," Birol said.

The IEA is expanding and deepening its work to help countries around the world develop robust and resilient clean energy supply chains, with many stakeholders now asking how well prepared they are for this new reality, he added.

The first annual edition of the IEA's Critical Minerals Market Review shows that with the surge in clean energy technologies, there is a high demand for minerals like lithium, cobalt, nickel and copper.

To manage this demand, the summit's attendees discussed developing new strategies, the statement said.

"Fostering inclusive dialogue must be at the forefront of the critical minerals agenda as we navigate this complex and multifaceted issue within the clean energy transition," Birol said.

"Through its analysis and data, it is the IEA’s mission to ensure that critical minerals become a symbol of international cooperation rather than resource anxiety."