Diversifying Supply Chains Key to Energy Security: IEA Chief
(MENAFN) International Energy Agency (IEA) Executive Director Fatih Birol emphasized the urgent need to diversify supply chains to strengthen global energy security during his speech Wednesday at the World Climate Industry Expo in Busan, South Korea, as reported by media.
“The number one golden rule of energy security is diversification … but when it comes to critical minerals, we see the opposite,” Birol stated, highlighting a growing vulnerability in global supply networks.
Birol stressed that “Energy security is, today, national security in many countries,” pointing to China’s overwhelming control in this arena: “Today, China's share in the refining of all critical minerals is over 70 percent ... and China also has very strong presence in terms of mining (of the minerals).”
He warned that reliance on a single nation creates significant risks, with geopolitical tensions or natural disasters potentially disrupting supply chains of critical minerals essential for strategic sectors like artificial intelligence (AI), semiconductors, defense, and more.
Beyond minerals, Birol called for substantial investment in electricity infrastructure, including power grids and storage systems, to meet surging demand driven by AI and advanced industries.
“We are entering the 'age of electricity,' which will re-shape the energy landscape in the coming decades,” Birol said.
He noted that electricity consumption has already doubled at twice the pace of overall energy demand in the last decade and projects growth to accelerate sixfold by 2035.
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