Critical Minerals
Implications of energy transition on increased demand for Critical Minerals and the impacts on markets, trade, security, communities, geopolitics, prices, and technology development
Implications of energy transition on increased demand for Critical Minerals and the impacts on markets, trade, security, communities, geopolitics, prices, and technology development
Dr. Morgan Bazilian – congressional testimony to the Committee on Energy and Natural Resources of the United States Senate -September 17, 2019
The current energy transformations now occurring globally—towards increased electrification, and low-carbon technologies, such as electric vehicles, fuel cells, wind turbines and solar photovoltaics (PV) rely on significant quantities of minerals and metals. The implications of increasing mineral demand has broad ramifications that go well beyond the energy and extractives sector.
Background
Calls for increases in renewable energy are coming from many global stakeholders. Less understood are the significant quantities of minerals that will be needed to fuel that transition. Examples include the rare earths neodymium and dysprosium for magnets in high-efficiency motors; lithium, cobalt, nickel and vanadium in energy storage; and platinum-group elements in catalysts and fuel cells. To supply the necessary minerals the mining industry is confronted with numerous challenges related to environment, innovation, investment, social license to operate among others.
Additionally, (or most) of the countries with the largest potentials (and existing markets) for these minerals are emerging and developing economies. This creates further concerns around governance and a changing geopolitical landscape. How this changing demand affects markets, trade, security, geopolitics, prices, and technology development are key questions to that require further exploration.
As one of the leading energy engineering universities in the world, Colorado School of Mines and the Payne Institute is facilitating an integrated approach to the technical and policy challenges related to these Critical Minerals. Through research and collaboration with industry, government and other stakeholders, Mines is providing research and data to support decision-making and further consideration of the topic.
For more information about the Critical Minerals Initiative at the Payne Institute for Public Policy, please contact our Deputy Director, Greg Clough, at gclough@mines.edu.
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