The IEA is launching a programme to secure the supply of critical materials.

Yesterday saw the IEA’s ministerial meeting and 50th anniversary, where global leaders pledged to strengthen energy security and accelerate clean transitions to keep the 1.5 °C target alive. Co-chaired by France and Ireland, the meeting of nearly 50 global ministers delivered mandates for IEA on membership talks with India, discussed opening a regional centre in Singapore, and launched a critical minerals security programme.

Ministers at the meeting noted the continued importance of oil supply security to the global economy, and emphasised the key role played by the IEA’s oil stockholding system. They also directed the IEA to develop a framework to advance the objectives that have been laid out for a voluntary IEA Critical Minerals Security Programme, which would look to boost the security of the supply chains for the crucial minerals needed for clean energy technologies.

The official communique reads as follows:

We direct the Secretariat to develop a framework with actionable tools to realise those objectives. We call on the Secretariat to update the Governing Board, at official level, regularly on the progress of the Programme’s elements, including the IEA’s Critical Mineral Country Reviews and efforts on supporting enhanced data collection, and collaborative approaches to security mechanisms including, voluntary stockpiling, and diversified processing and refining capacities to boost security from diversified sources.

We encourage the Secretariat to strengthen its role in conducting regular market outlooks, long-term supply/demand forecasts, assessing supply chain risks, and fostering market transparency. We support efforts to increase cooperation across other fora, across all of these elements. We underline the key role of recycling and technology innovation aspects related to the critical minerals sector.

As reported by Bloomberg, not further details were given but Dr Faith Birol said the critical materials programme was "…inspired by our oil security mechanism", which requires member countries to hold 90 days' worth of oil stocks that can be released in the event of global supply disruptions.