Critical materials and commodities

Jan Hosek

A chapter in CNB Global Economic Outlook - November 2024, 2024, pp 14-18 from Czech National Bank, Research and Statistics Department

Abstract: The availability of critical materials and commodities is increasingly being discussed, especially in connection with the surge in technologies focusing on renewable energy generation and the massive deployment of electromobility. The critical materials often occur only in limited quantities and in a limited number of locations, so their extraction and use can have strategic and geopolitical aspects in addition to economic ones. The issue of critical materials was partly discussed in the September GEO, in particular from the point of view of their use in the transition to renewable energy sources. Yet critical materials are important in many other industries besides the energy sector. In this article, we will therefore focus more on general issues related to the use of critical materials and commodities, including possible geopolitical risks and the approaches taken by the EU and the USA to minimise them.

Date: 2024
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