The scramble to stockpile critical minerals could drive up energy transition costs

A new article in Climate Home News highlights how intensifying global competition for critical minerals—essential for technologies such as batteries, electric vehicles and renewable energy systems—is prompting countries to rapidly build strategic stockpiles. Drawing on recent CETEx research, the piece warns that uncoordinated stockpiling risks driving up prices, increasing market volatility and ultimately raising the cost—and slowing the rollout—of the energy transition. 

The article features insights from CETEx’s Hugh Miller, alongside research co‑authored with Pau Morandi, which emphasises that while stockpiling is already underway, a fragmented “every-country-for-itself” approach could undermine clean energy deployment by inflating raw material costs. Instead, their work underscores the need for greater international coordination to manage demand pressures and minimise disruption to global supply chains.