Europe's push for critical metals as AI and green energy drive demand
The EU has identified 34 critical metals and materials, 17 of which are deemed strategic, highlighting their essential role in energy transition and AI growth.
The European Union's May 2024 regulation lists 34 critical metals and materials, with 17 classified as strategic due to their impact on energy and defence autonomy. Benjamin Louvet, head of raw material management at Ofi Invest Asset Management, warns that shortages could cripple essential tasks. The International Energy Agency's latest report notes an average annual demand increase of close to 10% for these minerals, surpassing growth in conventional metals.
Such trends are driven by the need to power the continent's green transition and the high energy consumption of artificial intelligence technologies. Stakeholders are therefore urged to invest in securing and diversifying supply sources to mitigate strategic risks.
Why it matters
Securing critical metals is vital for Europe's energy independence and the rapid expansion of AI technologies.
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