Writing Cheques We Can’t Cash? Critical Minerals and the Energy Transition

The energy transition is gathering momentum, encouraged by countries and companies alike. Over 170 countries have developed targets in relation to renewable energy, and many have included them as part of their Nationally Determined Contributions under the Paris Agreement. The UN Climate Change Conference (COP26), to be held in the UK in November of this year, will put a spotlight on the energy transition and likely lead to further initiatives.  But one aspect of the commitment to fight climate change and reduce carbon emissions that has attracted less attention to date is the extent of the dependence of many parts of that transition on critical minerals.  This aspect of the energy transition urgently needs examination by policymakers and corporate decision makers, so that steps can be taken to ensure that the commitments being made as part of the energy transition can actually be realised.