IEA chief calls for critical minerals supply diversification

LONDON

The head of the International Energy Agency (IEA) has called for efforts to prevent monopolies in the supply of critical minerals like copper and zinc, which are essential for clean energy technologies.

"Most of these critical minerals are currently controlled by just one or two countries and it is important to ensure diversity in clean energy," Fatih Birol told Anadolu Agency on the sidelines of the Future of Energy Security summit, co-hosted by the IEA and the U.K. government in London on April 24-25.

"If a single country holds a large share of these resources, it could pose a significant risk," Birol added.

He highlighted that critical minerals like copper and zinc are vital for clean energy technologies, including solar panels, wind turbines, electric vehicles and batteries.

He noted a major transformation in the global energy sector, stating that while oil, gas, and coal remain important, most growth is now driven by clean energy sources.

Birol noted that China is a major player in the sector and has contributed significantly to lowering the cost of clean energy technologies.

However, he warned: “This is not about whether a country is good or bad. If there is a technical problem or a geopolitical development in that country, entire energy supply chains could be jeopardized."

"In this respect, it is not wise to put all eggs in one basket, diversification is necessary," he added.

According to the US Geological Survey's 2024 data, China produces 69 percent of the world's rare earths and controls nearly half of global reserves.

It also dominates 90 percent of refining capacity, the crucial step that turns mined minerals into usable materials.