UNEP Highlights Critical Mineral Shortages for Decarbonization, Urges Responsible Sourcing and Circularity
The United Nations Environment Programme (UNEP) has issued a warning regarding the dwindling reserves of critical energy transition minerals, such as lithium, nickel, cobalt, copper, and rare earth elements, which are essential for decarbonization technologies like electric vehicles, wind turbines, and grid energy storage. Demand for these minerals is projected to double by 2040 and increase six-fold by 2050 if net-zero targets are to be met. This surge in demand, coupled with constrained supply, poses a significant challenge to the global transition to a low-carbon economy. UNEP emphasizes the need for responsible mining practices, stronger environmental and social safeguards, fair benefit sharing, and increased circularity in economies to address this growing deficit. The organization highlights that while recycling is crucial, it alone will not meet the projected demand, necessitating continued, but responsible, raw material extraction. 
