Thoughts in Wake of Today's COP28 Agreement in Dubai Critical Raw Materials (CRM) like lithium, nickel, cobalt, copper, manganese, graphite and rare earth elements are crucial for renewable energy technologies like solar panels, wind turbines and for battery production, driving the global
shift to electrification. Yet with
surging demand, geopolitical uncertainties affecting supply, and significant environmental and social impacts linked to CRM extraction and use, all five United Nations Regional Commissions and international experts have called at COP28 for international coordination and urgent action to ensure that massive CRM expansion does not undermine sustainable development.
UNECE Executive Secretary Tatiana Molcean highlighted: "Delivering the decarbonization needed for the Paris Agreement depends on huge quantities of Critical Raw Materials. Therefore, leaders and industry are responsible for ensuring their extraction and use are as sustainable as possible. The good news is that we do not need to reinvent the wheel: the UN Framework Classification for Resources and UN Resource Management System provide tools to do just that, together with UN treaties to ensure that environmental and human rights issues are fully taken into account."
Rising demand brings sustainability challenges
Lithium demand is expected to surge by nearly 90% in 20 years. Nickel and cobalt should rise by 60-70% in demand. Copper and rare earth elements expect a 40% increase in demand. Under the IEA net-zero emissions scenario, demand for these critical materials will more than triple by 2030.