Clean energy technologies and critical minerals

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The rapid growth of clean energy technologies and the increasing adoption of electric vehicles are driving an unprecedented demand for critical minerals. These minerals are essential components of batteries, solar panels, wind turbines, and other clean energy infrastructure.

As the world strives to reduce greenhouse gas emissions and transition to a more sustainable energy system, the importance of these minerals cannot be overstated.

In recent years, the clean energy sector has experienced remarkable growth. Solar photovoltaic installations have shattered previous records, wind power is set to resume its upward march, and electric car sales surged by 60% in 2022, exceeding 10 million units.

This surge in clean energy technologies is a significant driver of the demand for critical minerals. Electric vehicles, in particular, have gained substantial momentum. In 2022, global EV sales exceeded 10 million units, marking a 60% increase from the previous year.

Energy storage systems have also experienced rapid growth, with capacity additions doubling in 2022. These systems play a crucial role in stabilizing energy grids and storing excess renewable energy for use during periods of high demand or low generation.

As grids become more reliant on intermittent renewable sources like wind and solar, energy storage is becoming increasingly indispensable.

Critical minerals, including lithium, cobalt, and nickel, are fundamental components of clean energy technologies. These minerals are essential for the production of lithium-ion batteries, which power most electric vehicles and energy storage systems.

Additionally, rare earth elements like neodymium and dysprosium are vital for manufacturing the magnets used in wind turbines and electric motors.

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