Critical stocks, critical stakes: the effectiveness of critical mineral stockpiles in mitigating supply risks to energy, security and information

The digital and energy transitions, together with renewed rearmament, are driving up demand for critical minerals such as lithium, cobalt, copper and rare earth elements. These materials are vital for low-carbon energy, digital infrastructure and defence systems. Supplies are highly geographically concentrated and exposed to geopolitical tensions; their scale-up has been slow. Governments are therefore seeking greater security of supply, including through stockpiling schemes as a buffer against disruption.