On the 28th of September, the first-of-its-kind international summit concerning critical minerals took place in Paris. It was hosted by the International Energy Agency (IEA) and focused on critical minerals, essential components for burgeoning clean energy technologies.
Global interest and high level-participants
The summit convened decision-makers from nearly 50 countries, 40 ministerial delegations, 40 CEOs, heads of international organizations, and civil society representatives. It aimed to address the over-concentration in critical minerals markets, emphasizing the need for diversifying supplies and trade routes to mitigate risks.
Additionally, the IEA presented an updated Net Zero Roadmap, stressing the necessity of reducing fossil fuel demand drastically and investing into clean energy, particularly in developing nations to achieve the Paris Agreement’s 1.5°C goal.
The burgeoning demand for these minerals, driven primarily by the energy sector, has led to a doubling of the market size for key energy transition minerals, reaching USD 320 billion in 2022. This growth trend is set to persist.
Outcome of summit confirms CHB group’s strategy
The outcomes of the summit underscored the urgency of effective action to ensure a secure and rapid transition toward clean energy. Closer international cooperation, diversified supply chains, and strategic action plans are imperative to sustainably meet global climate goals and energy security needs.
“The results of the IEA Summit confirm that the CHB group of companies is committed to one of the most important issues of our time with its strategy on critical raw materials,” said CEO Carl Heinrich Bruhn, who is also co-founder of The Critical Minerals Fund. “Without critical raw materials, there will be no effective decarbonization and clean energy,” Carl Heinrich Bruhn continued.
Six key action areas agreed upon at the Summit
- Diversifying Mineral Supplies: Emphasizes the necessity to diversify sources of critical minerals to support global clean energy ambitions.
- Leveraging Technology and Recycling: Encourages maximizing technology and recycling to reduce strain on mineral supply and improve resource efficiency.
- Enhancing Market Transparency: Stresses the importance of transparent markets to facilitate investments and mitigate price volatility.
- Improving Data Availability: Highlights the need for reliable data to support decision-making and maintain a well-functioning market.
- Promoting Sustainable Practices: Urges incentivizing responsible production and aligning with environmental, social, and governance (ESG) standards.
- Fostering International Collaboration: Emphasizes collaboration among nations, industries, and organizations to meet the increasing demand for critical minerals and ensure a resilient supply chain.
Click here to find IEA’s full newsletter or have a look at the IEA’s own summary of the summit here.