In a pioneering initiative, the International Energy Agency (IEA) is organizing the world’s inaugural international summit on critical minerals and their significance in clean energy transitions, scheduled for September 28, 2023, in Paris.
The IEA Critical Minerals and Clean Energy Summit, to be held at the IEA headquarters in Paris, will spotlight strategies aimed at advancing the secure, sustainable, and responsible sourcing of raw materials pivotal to the global transition towards clean energy.
Attended by representatives from approximately 25 nations, including major mineral producers and consumers, the summit will also host prominent figures such as business leaders, investors, heads of international organizations, and civil society representatives. Among the distinguished participants are African Union Commissioner for Infrastructure and Energy Amani Abou-Zeid, Argentinian Secretary of Mining Fernanda Avila, Australian Minister for Resources Madeleine King, Canadian Minister of Natural Resources Jonathan Wilkinson, Prime Minister Mark Brown of the Cook Islands, European Commissioner for Internal Market Thierry Breton, Indonesian Minister of Energy and Mineral Resources Arifin Tasrif, US Secretary of Energy Jennifer M. Granholm, and Zambian Minister of Mines and Minerals Development Paul Chanda Kabuswe. CEOs from leading corporations including BHP Billiton, Glencore, Rio Tinto, and Trafigura will also be actively engaged in discussions. For a comprehensive list of participants, please visit our Summit page [here](link to be provided).
The convening of the IEA Critical Minerals and Clean Energy Summit follows a Ministerial mandate granted by member governments to the IEA last year, urging a deeper exploration of critical minerals. Building on the findings of the seminal report, “The Role of Critical Minerals in Clean Energy Transitions,” the IEA has initiated various work streams aimed at enhancing the transparency and security of critical mineral supplies. The Agency has also released its inaugural Critical Minerals Market Review. Additionally, the IEA was recently tasked by G7 governments to extend support on critical minerals.
With the surge in demand for minerals essential for powering electric vehicles, wind turbines, solar panels, and other clean energy technologies, the global energy transition is accelerating, necessitating heightened international cooperation.
As per the IEA’s Critical Minerals Market Review 2023, the market for energy transition minerals has doubled in size over the past five years, reaching a substantial USD 320 billion in 2022. Projections indicate a continued rapid expansion, positioning it at the forefront of the global mining industry and the agendas of policy makers addressing energy and climate objectives.
While escalating investments in critical mineral development offer a glimmer of hope for future supplies, concerns loom regarding potential project delays and technology-specific shortages. This precarious balance underscores the urgency for additional projects by 2030, aligning with scenarios that restrict global warming to 1.5°C, according to the IEA’s rigorous analysis.