In addition to the influence of geopolitical factors, such as the pandemic or the Russian war in Ukraine, which have already pushed prices up on global markets, additional price increases are expected separately for nickel, cobalt, lithium, copper, and other minerals, according to IMF experts on trends related to the transition to clean energy and mitigation of the consequences of climate change.
They emphasize that copper, nickel, cobalt, and lithium are critical resources for the energy sector’s transition. These minerals are used in electric vehicles, batteries, and renewable energy technologies such as solar panels and wind turbines.
At the same time, according to forecasts by the International Energy Agency (IEA), by 2030, the demand for copper should increase by 50%, for nickel and cobalt – by 100%, and for lithium – by 500%.
“This will lead to an increase in prices and may make these minerals as important as crude oil is now for the world economy over the next two decades,” experts say.