Critical minerals include copper, lithium, nickel and cobalt, which are essential components in such rapidly growing clean energy technologies.

• The challenges and opportunities behind meeting the rising demand for minerals required for clean energy technologies was at forefront of discussions at the first International Energy Agency (IEA) Critical Minerals and Clean Energy Summit held at Paris, France.
• The one-day meeting was attended by ministers, industry leaders, investors, international organisations and civil societies from 50 countries, who agreed on six main actions to assure sustainable, long-term and ethical supply chains of vital minerals.
• The actions include:
  • Advancing the goal of diversified mineral supplies;
  • maximising the potential of technology and recycling;
  • fostering market transparency;
  • improving the accessibility of trustworthy information;
  • establishing incentives for sustainable and responsible production; and
  • stepping up efforts to foster international cooperation.

ABOUT INTERNATIONAL ENERGY AGENCY (IEA)

• It is an autonomous inter-governmental organisation within the OECD framework.
• Energy security remains a central part of its mission.
• It was founded in 1974 to ensure the security of oil supplies as a response to the 1973-1974 oil crisis.
• HQ- Paris, France
• Membership: 31 countries (India joined in 2017, but as an Associate member).
• A candidate country to the IEA must be a member country of the Organisation for Economic Co-operation and Development (OECD).