The Paris-based International Energy Agency has offered intelligence and analyses around energy as it impacts 38 Western and industrial countries since its inception in 1974. The IEA has recently released its annual reports on global energy and critical minerals. Let’s take a look.
Rasoul Sorkhabi
Editor, Core Elements
Global Energy Review
Petrovarga/Shutterstock.com
In its report on global energy, the IEA reviews trends in oil, natural gas, coal, electricity, and carbon dioxide emissions across the world. Here are some key takeaways.
On energy demand:
Global energy demand has been increasing faster than the average rate for the past decade.
Growth rates for energy sources vary:
Renewables: 5.8 percent
Nuclear: 3.7 percent
Natural gas: 2.7 percent
Coal: 1.2 percent
Oil: 0.8 percent.
Electric power is the main arena in which demand is rising, with 4.3 percent growth in 2024.
Growth rates vary by regionally as well. Top growth regions include: India (4.9 percent), China (2.9 percent), the United States (1.7 percent), and the European Union (0.5 percent).
Emerging and developing economies, including China and India, account for 80 percent of global energy growth.
On fossil fuels:
Oil still dominates the energy sector in terms of absolute volume of consumption, but its share relative to other energy sources has fallen to 30 percent for the first time in 50 years—it peaked in 1973 at 46 percent.
Demand growth for natural gas is fueled primarily by electricity generation in North America, Europe, and Asia. This can be exacerbated by extreme weather conditions, such as heat waves.
Electricity generation accounts for two-thirds of global coal consumption.
On electric vehicles:
In 2024, there were more than 17 million EVs operating worldwide, an increase of 25 percent over the rate from 2023.
EVs account for more than 20 percent of all vehicle sales.
China produces two-thirds of EVs made globally, including both plug-in hybrid EVs and battery EVs.
On CO2 emissions:
Total carbon dioxide emissions hit 37.8 billion tons in 2024, an increase of 0.8 percent from 2023. Atmospheric CO2 concentrations reached 422.5 parts per million—three parts per million higher than 2023.
Changes in carbon dioxide emissions for some of the world’s largest regions include: India (5.3 percent), China (0.4 percent), the United States (-0.5 percent), the European Union (-2.2 percent).
CO2 emissions growth rates vary for different energy sources:
Natural gas: 2.4 percent
Coal: 0.9 percent
Oil: 0.3 percent.
The bottom line: The IEA suggests that it will be possible to decouple economic development from carbon dioxide emissions with improved technologies and renewable energies.
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Another IEA report offers a detailed global assessment of critical minerals in terms of geographic supply, demand, and security. Let’s look at some of this report’s highlights.
On copper:
Copper demand increased by 3.2 percent to reach 27 million tonnes in 2024, largely led by China and India.
Chile remains the largest copper producer, supplying 25 percent of global output. The Democratic Republic of the Congo (DRC) and Peru follow.
The five largest producers of copper by 2035 are projected to be Indonesia, the European Union, India, Chile, and the DRC.
On lithium:
Lithium demand grew 30 percent in 2024, reaching more than 200 kilotons of lithium or about 1.1 million tons of lithium carbonate equivalent.
The bulk of lithium demand growth comes from the EV sector. Batteries, currently 9 percent of lithium demand, also show rapid growth.
China accounts for more than 75 percent of lithium consumption, followed by South Korea and Japan.
Lithium production increased by more than 35 percent in 2024, which led to oversupply and a price crash.
Leading lithium producers are China, Australia, Zimbabwe and Namibia. Latin America is catching up: Argentina and Brazil experienced 65 percent growth in lithium output.
On nickel:
Global supply of nickel stood at 3.9 million tonnes in 2024, an increase of 9 percent over 2023.
The increase in nickel production was largely driven by Indonesia, which experienced a 25 percent increase in growth. Production in Australia, Canada, New Caledonia, and the Philippines decreased by 25 percent.
Demand for nickel has traditionally been driven by its use in alloys for stainless steel; however, now, the increase in nickel demand is largely driven by EV batteries and renewable energy technologies.
China consumes the most nickel worldwide (60 percent), followed by Indonesia (5 percent), and the United States (5 percent).
On cobalt:
Global cobalt demand was 220 kilotons in 2024, a 6 percent increase from the previous year. Global demand for cobalt may increase to 400 to 500 kilotons by 2050.
China consumes 70 percent of global cobalt output, followed by Japan and South Korea, which collectively consume 15 percent of global cobalt.
The DRC is currently the largest cobalt producer (70 percent of global cobalt), but Indonesia (10 percent of global cobalt), is projected to surpass the DRC by 2040.
On graphite:
Global graphite consumption grew by 8 percent in 2024, reaching 4.8 million tonnes.
Battery anode manufacturers increasingly favor synthetic graphite over natural graphite, which implies increasing demand for petroleum coke, the main feedstock for synthetic graphite.
China’s graphite sector, which accounted for roughly 80 percent of global natural flake supply last year, saw a 7 percent increase early in 2025.
African production declined 30 percent due to operational challenges.
The bottom line:
Aside from EVs and batteries, renewable energies have increased demand for various metals.
Global renewable energies increased 25 percent to 700 gigawatts in 2025.
Solar photovoltaics accounted for more than 75 percent of renewables, followed by wind at 17 percent.
The IEA notes that the 2025 trade wars—triggered by U.S. import tariffs and China’s export restrictions—impact mineral prices, cause economic uncertainty, and create “risks to security of supply.”
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