Critical raw materials

These two approaches are a feature of debate around critical materials and both are important, while countries also act in self-interest as well as responding to geopolitical tensions.

[6] On 5 April 2024, MSP partners launched the Minerals Security Partnership Forum to enhance cooperation in respect of CRM critical to "green and digital transitions".

[7] According to the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), criticality has no agreed definition, varies with time, and is specific to country and context.

[18] On November 30, 2023, the Ministry of National Security of China defined critical minerals[e] as "those irreplaceable metal elements and mineral deposits used in advanced industries, such as new materials, new energy, next-generation information technology, artificial intelligence, biotechnology, edge-cutting equipment manufacturing, national defense, and military sectors.

[22] A 2024 analysis from the World Economic Forum states that potential scarcity of critical materials arising from the Energy transition will be driven by demand factors and suggests ways for governments to address the uncertainties involved.

Price movements of critical materials [ 2 ]
Demand for key energy transition minerals in 2023 [ 3 ]
Figure gives a summary of critical raw materials lists reported by the European Commission in 2011, 2014 and 2017