UNEP forecasts doubling of demand for critical energy transition minerals by 2040

The United Nations Environment Programme (UNEP) has released a report projecting that global demand for critical energy transition minerals will double by 2040. These resources, including copper, lithium, cobalt, nickel, and rare earth elements, are identified as essential components for the transition to a low-carbon economy and the global clean energy revolution.

According to the report, these minerals are fundamental to modern green technology. Lithium, nickel, and cobalt are critical for manufacturing batteries for electric vehicles and grid-scale energy storage systems. Rare earth elements are necessary for turbine production, while copper serves as a vital component for energy infrastructure. Notably, electric vehicles require up to four times more copper than traditional internal combustion engine vehicles. Elisa Tonda, head of the resources and markets branch at UNEP, emphasized that these minerals act as the primary building blocks for achieving global carbon reduction targets.

This forecast highlights the intensifying pressure on resource supply chains as countries accelerate efforts to decarbonize. The rising demand is driven by the rapid expansion of renewable energy sectors and the need for efficient infrastructure capable of supporting a net-zero future.