Shulou(Shulou.com)11/24 Report--

CTOnews.com, July 13, according to CNBC, a recent report released by the International Energy Agency (IEA) shows that between 2017 and 2022, the overall demand for lithium in the global market tripled, the demand for cobalt increased by 70%, and the demand for nickel increased by 40%.

▲ Tuyuan PexelsIEA said the main factor behind the growth of these key minerals was "demand from the energy sector". The report points out that investment in key mineral development increased by another 30% in 2022, up from 20% in 2021.

The report specifically added that spending by companies specializing in lithium development increased by 50 per cent last year, followed by companies focused on copper and nickel, where investment spending by Chinese companies almost doubled last year.

IEA said in December that renewable energy would replace coal as the planet's largest source of power generation by 2025. Key minerals such as lithium, cobalt and nickel play an important role in wind turbines and electric vehicles.

IEA noted that more renewable energy projects are needed by 2030 to limit global warming to 1.5 ℃, a key goal of the Paris Agreement.

IEA also mentioned that the key mineral market, which is critical to the energy transformation, reached $320 billion in 2022 (CTOnews.com Note: currently about 2.29 trillion yuan), doubling in the past five years. Last year, startups in key mining industries raised $1.6 billion (currently about 11.472 billion yuan), a new record, while the deployment of technologies such as lithium batteries and solar photovoltaic also hit record highs.

The report also points out that China is in a leading position in the mining of graphite and rare earths and the processing of lithium. At present, most of the key mineral project plans of various countries are developed in the regions where the existing minerals are located. China owns half of the planned lithium plants, while Indonesia, the world's largest nickel producer, accounts for 90% of the planned nickel refining facilities.

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