WEC warned renewables at risk of ‘resource nationalism’ over critical minerals

Dr. Carole Nakhle, CEO of Crystol Energy, is quoted in this article published by Enlit commenting on the impacts of ‘resource nationalism’ on energy security.

According to Dr. Nakhle, the energy transition is mineral intensive: mining activity has to expand exponentially to get the minerals and the metals that we need for solar, wind and batteries. However, when looking at at the concentration of reserves and production, one can see that there’s a much bigger concentration of minerals and metals than there is for oil and gas which increases the risk of resource nationalism of these critical minerals.

Share of top producing countries in extraction of selected minerals and fossil fuels, 2019

Source: IEA

She added that resource nationalism is not necessarily nationalisation – it’s a big spectrum and nationalisation is at the extreme end of this spectrum. A government that owns those resources can take several measures that can curtail both investment and supplies. The more we accelerate this energy transition, the more the demand for resources is going to be established… and the more prices will increase

Related Analysis

Energy Security, Affordability and Sustainability: The Grand Alliance“, Dr Carole Nakhle & Ron Beck, Jan 2024

The energy transition and the risk of resource nationalism“, Dr Carole Nakhle, May 2023

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