The International Energy Agency (IEA) and India's Ministry of Mines have formalized their collaboration on critical minerals, which are vital for advancing clean energy technologies, through a recent Memorandum of Understanding (MoU). The agreement was sealed in the presence of India’s Minister for Coal and Mines, Kishan Reddy, and underscores a strategic partnership aimed at improving the framework for cooperation on critical minerals.
Areas of Collaboration on Critical Minerals
The MoU outlines collaborative efforts in several domains, including the exchange of critical minerals data and statistics and the sharing of best practices in modeling and analysis. The signing ceremony featured IEA Executive Director Fatih Birol and V.L. Kantha Rao, Secretary of the Ministry of Mines, during a workshop focused on critical minerals recycling, co-organized by the IEA and India’s Ministry of Mines.
Addressing Supply and Security Challenges
With the global demand for critical minerals on the rise, alongside price volatility, supply chain issues, and geopolitical challenges, the supply and security of these materials have become a priority for governments worldwide. To address these issues, the IEA is intensifying its focus on critical minerals analysis and plans to launch a special World Energy Outlook report in November. This report will delve into topics such as critical minerals recycling and innovative business models, including urban mining, which involves recovering resources from electronic waste.
Focus on Emerging Business Models
The upcoming IEA report is expected to address the emerging business models in the sector, following on from the Global Critical Minerals Outlook report released earlier this year. Urban mining, which extracts valuable materials from obsolete electronics and appliances, represents just one area where new opportunities are being explored within the critical minerals landscape.
