An unprecedented surge in demand for critical minerals on the back of global transitions to clean energy is posing significant challenges in meeting these goals, as the critical minerals sector experiences various challenges, says data and analytics company GlobalData.
“The global transition to clean energy is gaining momentum, heavily relying on renewable technologies such as solar PV cells and wind turbines, alongside energy transition solutions like hydrogen, energy storage and carbon capture,” GlobalData explains, adding that this growing demand is putting pressure on minerals supply.
The company finds in its latest Strategic Intelligence report on critical minerals the main challenges to scaling clean energy technologies are mineral depletion, resource monopolisation, geopolitical tensions and water scarcity. Strategic Intelligence analyst Martina Raveni says the near-term depletion of critical minerals raises concerns, especially as instability in the green technologies market causes price volatility.
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