Demand for minerals could triple by 2030, UN political chief says

The U.N. political chief told the Security Council that demand for critical minerals used in technologies could triple by 2030 and quadruple by 2040, citing U.N. reports. She noted that trade in raw and semi-processed minerals reached about $2.5 trillion in 2023, more than 10% of global trade.

United Nations officials told the Security Council that demand for critical minerals used in technologies from smartphones to missiles could rise sharply in the coming decades. Undersecretary-General Rosemary DiCarlo cited U.N. reports saying demand could triple by 2030 and quadruple by 2040. She also noted that trade in raw and semi-processed minerals was about $2.5 trillion in 2023, representing more than 10% of global trade. The discussion took place during an event on "Energy, Critical Minerals and Security" chosen by the United States while it holds the Council presidency. Key points: - U.N. Undersecretary-General Rosemary DiCarlo said demand for minerals such as lithium, cobalt and nickel could triple by 2030 and quadruple by 2040, based on U.N. reports published in 2025. - Trade in raw and semi-processed minerals was estimated at roughly $2.5 trillion in 2023, which was reported as more than 10% of global trade. - U.S. Energy Secretary Chris Wright, who chaired the meeting, warned against excessive dependence on a single country for materials critical to economies and national security. - China's U.N. Ambassador Fu Cong urged greater international cooperation to stabilize supplies and supply chains, and the article reports that the U.S. administration has proposed creating a critical minerals trading bloc to address concentration of supply. Summary: Rising demand for critical minerals is being highlighted as both an economic and security issue by U.N. and national officials, with large projected increases by 2030 and 2040. Nations at the Security Council discussed supply risks and potential policy responses. Undetermined at this time.