Top three producers of minerals such as lithium, cobalt and some rare earth elements accounting for more than 75% of global supplyWestern governments should consider stockpiling critical battery metals such as cobalt and lithium, the International Energy Agency said, in a stark warning of the geopolitical risks that accompany the green-energy transition.
“Meeting our climate change goals will turbocharge demand for mineral resources,” Fatih Birol, the head of the IEA, said by phone. “Voluntary strategic stockpiling can in some cases help countries weather short-term supply disruptions.” While China and Japan have strategic inventories of critical metals, such stockpiles are not widely held by Western nations. China also has a strong presence in the processing of such metals, as well as producing about 60% of the world’s rare-earth minerals.