Photo Credit: COP30

COP30 drew to a close in Belém, Brazil, with no clear agreement on cutting fossil fuel consumption. Other high?level takeaways included delegates agreeing to triple adaptation funding by 2035, and that, for the first time at a COP, there was an explicit recognition that the world may overshoot 1.5°C – and that both the extent and duration of that overshoot must be limited.

What was said about critical minerals, batteries, and EVs?

Critical minerals

This was the first time a COP included discussion around critical minerals, reflecting the international attention they have received over the past year. In draft negotiating texts, delegates recognised the “social and environmental risks associated with scaling up supply chains for clean energy technologies, including risks arising from the extraction and processing of critical minerals.” This came alongside protests, including those from Argentina, warning that lithium extraction in South America comes at the cost of local water resources for people living near extraction sites. 

Benchmark’s Lithium Forecast Service indicates that lithium extraction from South America is set to increase 96% from 2025 through to 2030.

Although the text did not appear in the final decision, the proposal drew attention to rising concerns that the transition away from fossil fuels could increase global dependence on minerals linked to environmental and social impacts.

Energy storage and renewables

Energy storage and renewables were mentioned, though perhaps not as prominently as in previous COPs. Delegates reaffirmed their commitment to tripling renewable capacity by 2030; however, there was also an emphasis on the need to upgrade grid infrastructure to facilitate this.

The Grids and Storage Implementation Coordination Council and the Investable Project Framework were launched to coordinate policies, technical standards, and market mechanisms across countries to ensure efficient and scalable deployment of grids and storage. The Framework focuses on translating national clean?energy targets into bankable projects, particularly in emerging markets, by providing risk?assessment standards and financial structures.

This was accompanied by the launch of the Global Implementation Accelerator, an initiative designed to move beyond pledges and help countries deliver on their nationally determined contributions, with a strong emphasis on renewables and storage.

In addition, many institutions made financial pledges to support the rollout of renewables and storage worldwide.

EVs

The decarbonisation of transport did not feature heavily in discussions; however, there were several announcements specifically focusing on heavier?duty vehicles.

Brazil and Mexico joined the Global MoU on Zero?Emission Medium? and Heavy?Duty Vehicles, part of the Drive to Zero initiative, which was formally launched at COP26. The MoU commits signatories to ensure 100% of new medium? and heavy?duty vehicle sales are zero?emission by 2040, with an interim target of at least 30% by 2030.

COP31 is set to be held in Turkey with Australia serving as the negotiation president in an unusual, shared arrangement.

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