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world1d ago
Demand for minerals to power technology could triple by 2030, UN political chief says
- UN official says demand for critical minerals could triple by 2030 and quadruple by 2040.
- Minerals like lithium, cobalt, and nickel underpin the technologies powering the digital economy and energy transition.
- Trade in raw and semi-processed minerals reached about $2.5 trillion in 2023, per U.N. reports.
- The meeting emphasized diversification to avoid overreliance on any single country for supplies.
- China’s past limits on rare earth exports were noted as a factor in U.S. plans for a minerals bloc with allies.
- U.S. officials are boosting cooperation with Venezuela and Congo to secure mineral-rich areas.
- UN official emphasized green mining as part of transforming the mining sector for the energy transition.
- Private sector participation is seen as essential to global supply chains while respecting laws.
- The session highlighted the security implications of minerals for allied economies.
- U.S. Energy Secretary chaired the council meeting on energy, critical minerals, and security.
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