The Energy Transition
The charts below show demand starting at 2022, increasing to 2025, and accelerating to 2035.
Source: S & P Global
Copper
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Nickel
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Cobalt
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Critical Shortage
Analysts from Benchmark Mineral Intelligence and S&P Global estimate a widening shortfall in supply by 2035 of all key critical metals.
Nickel
Current Supply: 3,160,000 t
Expected Demand: 6,200,000 t
Cobalt
Current Supply: 177,000 t
Expected Demand: 489,000 t
Copper
Current Supply: 22,600,000 t
Expected Demand: 30,000,000 t
UNITED STATES
Critical Materials Assessment
July 2023
This report from the US Department of Energy focuses on potential global demand growth for critical materials in clean energy technologies like vehicles, energy storage, solar and wind. Materials like cobalt, lithium, graphite, nickel and rare earths are seeing increased demand from electric vehicles and energy storage batteries.
The authors conclude that research and development efforts are needed to improve recycling, reduce material intensity and find substitutes. Addressing materials criticality now can help ensure a sustainable clean energy future.
Source: Critical Materials Assessment, U.S. Department of Energy
CANADA
From Exploration to Recycling
December 2022
The Canadian government strategy aims to increase responsible production and develop domestic and global supply chains for critical minerals. This includes supporting exploration, accelerating projects, building infrastructure, workforce development, and global partnerships.
Canada has significant reserves of many critical minerals that are essential for clean energy technologies, electronics, and other applications. Developing this sector could boost Canada's economy and position it as a global supplier. Meaningfully engaging and collaborating with Indigenous peoples is a priority, and critical mineral development presents opportunities to grow Indigenous economies and partnerships.
Source: The Canadian Critical Minerals Strategy, Government of Canada
QUÉBEC
Minerals for the Future
February 2020
Québec has established a plan to develop critical and strategic minerals (CSMs) from 2020-2025 to meet growing demand for minerals needed for green technologies and the energy transition. The plan aims to develop CSMs ethically and sustainably while respecting the environment and communities with high social and environmental standards.
The plan's vision is for Québec to become a global leader in ethical and sustainable CSM production, transformation, and recycling. If successful, the plan could position Québec strongly in green technologies and renewable energy industries.
Source: Critical and Strategic Minerals, Government of Québec
