PROJECT DESCRIPTION
Supply Risks threaten the tripling of renewable energy capacity by 2030. The global stock take agreed at the United Nations Climate Change Conference (COP28) outlines mitigation actions to reach Paris Agreement goals. Two key actions included in the UAE Consensus limiting global warming to 1.5 degrees Celsius underscored the urgent need to tripling renewable energy capacity and doubling the average annual rate of energy efficiency improvements by 2030. The accelerated shift to clean energy systems will require a radical increase in clean energy technology (CET) manufacturing capacity. Given the high mineral- and material-intensity of key energy transition technologies, the world is already experiencing an unprecedented demand growth for extracting and processing critical minerals (CM) and materials.
ADDITIONAL INFORMATION
The Republic of Korea e-Asia and Knowledge Partnership Fund is providing USD 1 million in funding for topics related to critical materials for clean energy equipment. More information is available at https//www.adb.org/projects/58185-001/main