Trend Decarbonisation raising prices of clean energy minerals

Summary

The report expects prices of minerals needed for clean energy technologies to rise as countries decarbonise. Over the longer term, it sees meeting demand for lithium, cobalt and other rare earth metals becoming increasingly difficult. The report illustrates the fragility of metal markets with nickel, whose price jumped 270% after the war in Ukraine began, forcing the London Metal Exchange to halt trading. Fiercer competition for natural resources could also give organised criminals openings through illegal mining and counterfeiting. The cross-cutting analysis finds that competition for critical minerals affects 14 other risks yet is affected by only two chronic risks, so it calls for targeted measures.