"A decade ago, minerals such as lithium, cobalt and nickel had limited strategic importance. Today, they underpin the technologies powering the digital economy and the energy transition. Demand could triple by 2030 and quadruple by 2040. This represents more than 10% of global trade."
"It is in the security interest of the U.S. and its allies not to be overly dependent on any single country for materials critical to our economies and national security. The work we're doing today, especially on the strategic importance of critical minerals and energy, is directly tied to preventing conflict and building a world where countries can cooperate and move forward together."
Critical minerals including lithium, cobalt, and nickel have become essential to modern technology and the energy transition. In 2023, global trade in raw and semi-processed minerals reached approximately $2.5 trillion, representing over 10% of total global trade. Demand for these minerals is projected to triple by 2030 and quadruple by 2040. The U.S. and its allies prioritize reducing dependence on single countries for critical mineral supplies to protect national security and economic interests. China has historically dominated rare earth mineral production, creating supply vulnerabilities. Strategic mineral access is now recognized as central to preventing conflict and enabling international cooperation.
#critical-minerals #energy-security #supply-chain-resilience #geopolitical-competition #technology-demand
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