Capital requirements for mining to meet demand in the Announced Pledges and Net Zero Scenarios, by 2040

Sources

IEA analysis based on data from S&P Global and company reports.

Notes

Capital requirements are calculated based on compiled capital intensity by region and production route. The values also assume an increased average capital intensity over today due to declining ore grades. Rare earths refer to the four magnet rare earth elements: neodymium, praseodymium, dysprosium and terbium.