Critical minerals fever reconfigures trade: 73 agreements in four years and demand soaring by 350%

As the world accelerates toward clean energy, critical minerals — lithium, cobalt, graphite, nickel, and copper — have become the new oil of the 21st century. And the figures handled by the UN Conference on Trade and Development (UNCTAD) are as dizzying as they are revealing. Demand for lithium will grow by more than 350% by 2040, while that of graphite will exceed 130%. And, in this context of extractive fever, a real diplomatic race has been unleashed: 73 international agreements and associations have emerged in the field of critical minerals, of which 58 were signed after 2022. UNCTAD’s Global Trade Update paints a picture of historic opportunities and profound risks for developing countries. These countries hold most of the world’s reserves of critical minerals – Africa accounts for approximately 25% of the total – but history repeats itself: the vast majority are still trapped in the role of mere extractors of raw materials, while the real wealth is generated in the processing plants of a few countries.

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