The International Energy Agency (IEA) has reiterated its warnings about the critical importance of minerals and metals in the energy transition, emphasizing the need for diversification in supply to ensure energy security. At the launch of the IEA’s Global Energy Review 2025, director Fatih Birol highlighted that electricity demand is growing at an unprecedented rate, outpacing global energy demand. This trend is expected to continue, with global electricity demand increasing by more than double the rate of total energy demand over the past decade.

Birol stressed that critical minerals such as copper, lithium, platinum, and cobalt are becoming increasingly vital for the energy business. The IEA noted a significant increase in global electricity demand in 2024, up by 4.3% from 2023, compared to a 2.5% increase in 2023. This growth was driven by electrification across various sectors, particularly in major economies.

The IEA’s latest analysis on copper highlights a potential supply deficit around 2030 if current investment projects are not accelerated. Given that it takes approximately 17 years from start to finish for a new copper mining project, this poses a major challenge for meeting future demand. Birol emphasized the need for diversification in mining and refining efforts to mitigate these risks.

Renewable energy installations, coupled with nuclear power expansion, are driving up demand for critical minerals. In 2024, over 700 GW of renewable capacity was added globally, with solar PV accounting for nearly 80% of this total. The IEA reported that more than 7 GW of nuclear power capacity was brought online last year, marking the highest increase in nuclear generation since before the post-COVID rebound.

China continues to lead in new-energy expansion fronts. It accounted for nearly two-thirds of all renewable capacity grid connections in 2024 and surpassed its 2030 goal of 1200 GW of combined solar PV and wind capacity six years early. Electric car sales also saw a significant rise globally in 2024, increasing by over 25% to more than 17 million units.

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