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🗞️ Driving the news: The Asian Development Bank (ADB) and the WTO Secretariat have launched the Trade in Critical Minerals (TiCM) database to support the clean energy transition
• The platform consolidates data on trade flows, tariffs, and policies for 250 critical minerals like lithium, cobalt, and rare earth elements essential for renewable energy technologies
• The database was unveiled at COP29 in Baku, offering tools like network graphs and bar charts to analyze trade patterns
🔭 The context: Critical minerals are key to manufacturing batteries, wind turbines, and electric vehicles, all vital for decarbonization goals
• Current supply chains face challenges such as limited transparency, resource scarcity, and geopolitical tensions
• By compiling trade data and policies at the HS sub-heading level, the TiCM database addresses these gaps, promoting informed policymaking and collaboration
🌍 Why it matters for the planet: Transparent critical mineral trade is crucial for scaling renewable energy and achieving climate goals, like tripling renewable capacity by 2030
• Ensuring resilient and sustainable supply chains helps mitigate risks like over-dependence on specific countries or unethical extraction practices
• The initiative aligns with global clean energy targets
⏭️ What's next: Policymakers, industries, and researchers will leverage the TiCM database to strengthen supply chains and shape trade policies
• Greater transparency could also spur international partnerships and investments in sustainable mineral sourcing and processing
• Efforts may expand to include carbon footprint and recycling data for minerals
💬 One quote: “The initiative will contribute to the development of sustainable, inclusive and resilient critical minerals supply chains for the clean energy transition,” - the ADB and WTO Secretariat
📈 One stat: The database covers 250 critical minerals and their value chains, consolidating information from WTO Analytical Databases and trade monitoring platforms
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