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IEA Says Governments Should Consider Stockpiling Battery Metals
- Production of some critical metals is highly concentrated
- Agency says recycling and new supplies should be prioritized
Photographer: Nelson Ching/Bloomberg
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Western 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.
That call comes as some policy makers worry the shift from burning fossil fuels to a greener economy will expose the world to new threats. Unlike oil, a relatively ubiquitous commodity, production and processing of minerals such as lithium, cobalt and some rare earth elements is highly concentrated, with the top three producers accounting for more than 75% of global supply.