Net zero targets under threat unless mining is stepped up, warns IEA

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Demand for lithium — a key metal for electric car production — is expected to surge sharply

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12 Jul 2023

More lithium, copper and nickel mines must be opened with haste if the world wants to hit its net zero goals, the International Energy Agency has warned.

The IEA said more mining of so-called critical minerals was necessary to ensure decarbonisation goals are met, warning that a target to limit global warming was at risk without further investment in extraction.

While investment has stepped up markedly in recent years, the IEA said that “more projects would in any case be needed by 2030 in a scenario that limits global warming to 1.5 °C”.

The agency also called for more investment to help diversify supply chains and end reliance on China and Australia, the two biggest critical mineral sources in the world.

IEA executive director Fatih Birol said: “At a pivotal moment for clean energy transitions worldwide, we are encouraged by the rapid growth in the market for critical minerals, which are crucial for the world to achieve its energy and climate