In 2024, clean energy technologies accounted for 26% of total demand for copper, lithium, nickel, cobalt, graphite and magnetic rare earth elements. The remaining 74% came from construction, conventional transport, industrial equipment, the defense sector, electronics and other industries, according to an analysis by the Oakland Institute reported by OilPrice.

Structure of mineral demand

The Oakland Institute used data from the International Energy Agency. Clean energy technologies included wind and solar generation, renewable energy grids, grid-scale energy storage systems and electric vehicles.

According to the institute, sectors unrelated to renewable energy and electric vehicles accounted for 83% of nickel demand in 2024, 79% of demand for magnetic rare earth elements, 71% for copper, and 68% each for cobalt and graphite. Construction consumed 30% of the global volume of copper, while stainless steel production used approximately two-thirds of nickel.

At the same time, these figures describe the consumption structure specifically in 2024 and do not determine which sectors will drive future demand growth. Under the IEA Net Zero Emissions Scenario, clean energy technologies’ mineral needs will nearly triple between 2023 and 2030.

Recycling and smaller batteries

According to the IEA Net Zero by 2050 roadmap, the number of electric vehicles, plug-in hybrids and fuel-cell vehicles worldwide may rise from 11 million in 2020 to nearly 2 billion in 2050. The Oakland Institute calculated that such vehicles will consume 15.7 million tonnes of the six named minerals in 2050, or 23% of the projected total volume of 68.2 million tonnes.

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Researchers involving specialists from the University of California, Davis modeled four scenarios for the development of zero-emission transport in the United States. A combination of lower car ownership, smaller batteries and the most efficient recycling could reduce annual lithium demand in 2050 by 92% compared with the most material-intensive scenario. Smaller batteries alone could reduce annual lithium demand for light-duty vehicles in the United States by 42%.

The IEA also estimates that optimizing battery size, alternative chemical technologies and the development of recycling could reduce global lithium demand by 25% in 2030 under the net-zero emissions scenario. Secondary raw materials could potentially reduce the need for primary copper and cobalt by 30% in 2040, and for primary lithium and nickel by 15%.

US mineral policy

At a ministerial meeting on critical minerals in February 2026, US officials cited missile defense systems, artificial intelligence, advanced manufacturing and economic security among the reasons for increasing mining. Vice President J. D. Vance proposed a preferential trade bloc with price floors and flexible tariffs.

In January, the US International Development Finance Corporation finalized a $600 million investment in a $1.8 billion consortium to finance critical minerals projects. It also reported that Congo’s state-owned mining company had sold and begun delivering about 100,000 tonnes of copper intended for the United States.