In its second annual review of the market for such critical materials, the IEA noted prices for minerals key for electric vehicles, wind turbines and solar panels fell back to pre-pandemic levels as supplies caught up with and surpassed demand.
"Secure and sustainable access to critical minerals is essential for smooth and affordable clean energy transitions," IEA Executive Director Fatih Birol said in a statement."The world's appetite for technologies such as solar panels, electric cars and batteries is growing fast –- but we cannot satisfy it without reliable and expanding supplies of critical minerals," he added.
It found only limited progress has been made in diversifying supplies, a key issue given the recent experience with the pandemic snarling supply chains and geopolitical tensions creating risks to access.The report analysed supply and geopolitical risks, as well as barriers to responding to supply disruptions, and exposure to environmental, social and governance risks.The IEA said it found a"mixed picture" regarding ESG risks.