IRENA launches new platform on critical materials

Members of the International Renewable Energy Agency (IRENA) have launched a new Collaborative Framework on Critical Materials for the Energy Transition, Trend reports with reference to IRENA.

The platform is for exchanging knowledge, best practices, and coordinating actions to ensure that the scarcity of minerals and materials does not threaten the accelerated deployment of renewable energy.

The countries agreed on the way forward of IRENA’s work to support countries in understanding challenges and opportunities of critical materials to sustain the energy transition. Co-facilitated by Peru and the UK, the Agency will support meetings for peer-to-peer exchanges, including virtual and physical meetings, providing effective means for information exchange.

Currently, climate-neutral energy systems require significant amounts of critical minerals including lithium, nickel, cobalt, copper and rare earth elements (REEs) for renewable energy installations and storage solutions. As climate goals get more ambitious and renewables become an indispensable pillar of net zero commitments, prices of raw materials have started to surge. “The price volatility that we have observed over the last few weeks and months for some of these critical materials illustrates why we need to take this issue seriously,” said IRENA’s Director-General Francesco La Camera.

“A combination of strategies will be needed to ensure the timely availability and affordability of these critical materials worldwide. Technological innovation and material substitution can contribute to the reduction of demand. However, a rapid but sustainable expansion of mining and processing capacity for critical materials is a priority to ensure supply for years to come,” he added.