Demand for our minerals
Global demand for critical minerals will continue to increase over the coming decade to ensure the world can build the clean energy technologies needed to reach the goals of the Paris Agreement. The International Energy Agency (IEA) estimates that demand for critical minerals could more than double by 2030.
Electric vehicles (EVs) and battery storage account for around half of that growth, with their popularity and increasing use spurring demand for minerals that are needed for battery materials, such as graphite, copper and nickel. In 2040, mineral demand is projected to be dominated by these minerals.
While newly announced projects around the world indicate that supply is catching up with clean energy ambitions, IEA confirms that the adequacy of future supply is not assured.
Australia's clean energy targets
In Australia, our national and state renewable and clean energy targets will drive local demand for critical minerals and critical mineral products.
The Australian Government has committed to reducing greenhouse gas emissions by 43% by 2030 and both the Australian and Queensland governments have committed to net zero emissions by 2050. Queensland has also committed to a renewable energy target of 80% by 2035.
This combination of global and domestic demand will drive significant and accelerated growth in the supply, processing, refining and manufacturing of critical minerals—offering investment opportunities at all stages of the value chain, both within Queensland and exported to our international partners.
Global ties
In 2023, Australia became the 12th largest economy in the world and despite worldwide economic uncertainty, is still predicted to experience economic growth over the next decade.
Australia has bi-lateral collaborations on critical minerals with many countries including the United States, India, Germany, the United Kingdom and South Korea.
Australia was a founding member of the Minerals Security Partnership which bolsters critical mineral supply chains essential to the energy transition, The partnership identifies strategic projects, attracting private sector finance and upholding strong ESG credentials.
Australia is a signatory to 18 free-trade agreements with individual countries or groups of countries.
- Last updated
- 20 June 2024
- Last reviewed
- 21 February 2023