As the global economy shifts towards cleaner energy systems, electrification and digital technologies, more countries are competing for access to critical minerals.
Clean technologies will account for a larger share of critical mineral demand, including copper, nickel, lithium, cobalt and rare earth elements, says UN Trade and Development (Unctad) in its June 2026 Global Trade Update.
Demand for lithium is projected to grow by more than 350% by 2040, while graphite demand could rise by more than 130%.
Trade in critical minerals has become central for development in an international context of strong industrial policy and geopolitical competition.
There is a risk of a fragmented system of overlapping agreements, rules and standards being created. Such a system could raise costs, complicate investment decisions and pressure developing countries to align with one partner over another.
