The International Monetary Fund (IMF) is forecasting a sixfold jump in demand for critical minerals over the next two decades – worth USD $11.4 trillion – as the energy transition gathers pace and the world strives for net zero emissions.

Many forecasters are expecting shortfalls in critical minerals in the short- and medium-term as demand growth continues in lithium, nickel, cobalt, graphite and rare earth minerals.

Two applications could drive three-fourths of the demand for critical minerals in 2050: electricity networks and batteries, chiefly for electric vehicles.

Half of the total projected demand for electric vehicles in 2050 is for copper with a quarter is split between nickel and graphite. Then come lithium, manganese, and cobalt.

To achieve net zero the trade in energy-related resources in the coming decades will consist largely of critical minerals rather than oil and natural gas.