UN Security Council Discusses Critical Minerals

The United Nations Security Council held a meeting on 'Energy, Critical Minerals and Security,' highlighting the escalating demand for critical minerals such as Lithium, Cobalt, and Nickel, which are essential for modern technology and the energy transition. Demand is projected to triple by 2030 and quadruple by 2040, with trade already reaching $2.5 trillion in 2023. The United States, chairing the meeting, emphasized the need to diversify supply chains to reduce dependence on single countries, particularly China, and is working to form a critical minerals trading bloc with allies like Australia and Ukraine. The United States is also increasing cooperation with Venezuela and the Democratic Republic of the Congo, with both nations offering access to their mineral resources in exchange for security assurances and support. China, a dominant player in rare earth minerals, called for greater international cooperation to ensure stable supply chains and promoted a 'green mining' initiative.