- The United Nations (UN) appointed panel on Critical Energy Transition Minerals.
- The Panel aims to bring all stakeholders across the entire critical energy transition minerals value chain to develop a set of global common and voluntary principles for energy transition.
- It will address issues relating to equity, transparency, investment, sustainability and human rights.
- The panel comprises Government and intergovernmental actors including the European Union, African Union, Australia, Indonesia, Colombia, India, etc.
- Critical Energy Transition Minerals are essential components in many of today’s rapidly growing clean energy technologies, from wind turbines and solar panels to electric vehicles.
- E.g. copper, lithium, nickel, cobalt etc.
Challenges/Issues related to Critical Energy Transition Minerals
- Geographical concentration: Few countries have major reserves; it may exacerbate geopolitical tensions and supply chain disruption.
- E.g. Lithium triangle– consists of Argentina, Chile and Bolivia
- Unsustainable Mining and processing: It can lead to water pollution, destruction of ecosystems, etc., and human rights issues (such as child labour).
- Growing Demand: Mismatch in demand and supply.
- According to the International Energy Agency, demand of critical mineral is set to grow by three and a half times by 2030.
Other Key Initiative
Global Initiatives:
- Mineral Security Partnership (MSP): Launched to bolster critical minerals supply chains. India is part of this partnership.
- Critical Minerals Mapping Initiative
- UN Framework on Just Transition for Critical Energy Transition Minerals (Expected to be launched by the end of 2024)
India-specific Initiatives:
- Identification of 30 critical minerals crucial for self-reliance
- Partnership with Australia for lithium and cobalt, and with Argentina for lithium
- Khanij Bidesh India Limited (KABIL): Formed to identify, acquire, process and make commercial use of strategic minerals in overseas locations