&w=3840&q=100)
Oil losing to rare earths as energy battlefront shifts, world faces new risks: IEA chief
Critical minerals have overtaken oil and gas as the top concern for global energy security, marking a significant shift in the world's energy priorities, International Energy Agency (IEA) Executive Director Fatih Birol said, outlining the changing dynamics in the energy market amid the rapid rise of AI, electric vehicles, and clean power demand.
Speaking in Paris, Birol noted that oil supply is no longer the primary challenge, as demand weakens amid rapid electrification. The soaring need for electricity—driven by artificial intelligence, electric vehicles, and rising air-conditioning use—has pushed critical minerals to the forefront of energy concerns.
STORY CONTINUES BELOW THIS AD
'A single medium-sized data centre consumes as much electricity as 100,000 homes,' Birol said, stressing the urgent need for steady and clean power to support tech expansion and AI development.
The IEA's latest Global Critical Minerals Outlook warns that the refining of essential materials—such as cobalt, nickel, graphite, and rare earths—is dangerously concentrated. China now controls about 70 per cent of refining capacity for 19 out of 20 key minerals, raising serious supply security and geopolitical risks.
Birol cautioned that this dependency could cause severe disruptions. Battery metal prices could spike by 40–50 per cent if supply shocks or export restrictions occur. He called for swift government intervention through public investment and policy tools like price-stabilisation mechanisms.
'In a world of high geopolitical tensions, critical minerals have emerged as a frontline issue in safeguarding global energy and economic security,' Birol said. 'This new analysis reviews what's at stake and outlines what must be done to strengthen the resilience and diversity of mineral supply chains—essential for reliable, affordable, and sustainable energy in the 21st century.'
The IEA is urging a coordinated public-private push to secure mineral supply chains, calling for global cooperation, incentives, and the adoption of advanced technologies such as AI. The goal, Birol said, is to ensure the future of clean energy systems and digital innovation is not held hostage to fragile or monopolised supply routes.
STORY CONTINUES BELOW THIS AD
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
an hour ago
- India Today
Old vs new tax regime: What's better for you in FY 2024–25?
With the deadline to file your income tax return (ITR) now extended to September 15, 2025, taxpayers have a bit more breathing room to decide whether to stick with the old tax regime or shift to the new one. But which is better for you? That depends on how you earn and how much you claim in FLEXIBILITY FOR SALARIED PEOPLEIf you're a salaried employee or a pensioner with no business income, things are fairly simple. You can switch between the old and new tax regimes every year. Just tick the option while filing your return, either ITR-1 or if your salary structure changes or your investments vary each year, you can decide which regime works better RULES FOR BUSINESS OR PROFESSIONAL INCOME However, if you earn money from a business or profession, the rules are tougher. You can switch back to the old tax regime only once in your lifetime. After that, you're locked you must submit Form 10-IEA before filing your ITR if you want to change your regime. If you forget to file this form, you'll automatically fall under the new tax regime, whether you planned to or DIFFERENCES BETWEEN OLD AND NEW REGIMEThe old tax regime allows several exemptions and deductions, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions under Sections 80C/ 80D for things like investments, insurance, and medical expenses, and home loan interest under Section 24(b).The new regime, in contrast, is simpler, with lower tax rates but fewer deductions. It suits individuals who do not claim many exemptions. Under the new system, there's no tax on income up to Rs 4 lakh, followed by 5% on Rs 4–Rs 8 lakh, 10% on Rs 8–Rs 12 lakh, and 15% on Rs 12–Rs 16 lakh, and so on. A full tax rebate is available if your total income after deductions is up to Rs 12 WHICH ONE IS BETTER?If you're claiming several deductions such as HRA or interest on a home loan, the old regime might be more beneficial, helping you save more in the other hand, if you have minimal deductions or prefer a hassle-free filing process, the new regime could work better for important point to note is that under the new regime, losses from house property, capital gains, or business income cannot be carried forward, which could impact your tax liabilities in future years.- EndsMust Watch
India.com
7 hours ago
- India.com
ITR Filing 2025: Selected New Tax Regime? Check Slab-Wise Tax Rates If Your Income Exceeds Rs 12 Lakh
New Delhi: With the income tax return (ITR) filing date extended to September 15, taxpayers have more time to decide whether to choose the old or new tax regime. Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form. With commercial or professional income, the regulations are stricter. Only once in your lifetime may you return to the old tax regime, and the choice is locked afterwards. For this change, you must file Form 10-IEA before the filing date. The new tax regime will take effect by default if you miss filing this form. If you are confused about choosing which regime, you should be aware that House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions under Sections 80C to 80U, and home loan interest under Section 24(b) are only available under the old tax regime. New Tax Regime: What Will Be Slab-Wise Tax Rates If Your Income Exceeds Rs 12 Lakh The new regime has fewer deductions, but individuals with taxable income up to Rs 12 lakh get a full tax rebate under the new regime. Your entire income will be taxed slab-wise if your taxable income exceeds Rs 12 lakh. The slabs are zero tax for the initial Rs 4 lakh, 5 per cent tax on Rs 4 lakh to Rs 8 lakh, 10 per cent on Rs 8 lakh to Rs 12 lakh, 15 per cent on Rs 12 lakh to Rs 16 lakh, and so forth. Importantly, the new regime allows only limited benefits under Sections 80CCD(2) and 80CCH(2), excluding the broader 80C basket popular among salaried taxpayers. Before choosing a regime, consider your income, pay structure, and tax-saving investments. Salaried individuals with minimal deductions may benefit from the new regime. If you can claim substantial deductions under Sections 80C, 80D, HRA, or house loan interest, the old regime may be more beneficial. Also, note that you have losses from house property, capital gains, or business income; they cannot be carried forward under the new regime. This may affect future tax liabilities, so consider it before deciding. As a general rule of thumb, tax experts say that the old tax regime will only be advantageous to taxpayers who are eligible to claim Rs 2 lakh deduction for home loan interest under Section 24(b) or a large house rent allowance (HRA). Most other deductions are unlikely to justify remaining with the old regime.
Hindustan Times
9 hours ago
- Hindustan Times
India, US may invest in Africa's critical minerals
India and the US have discussed proposals to jointly invest in critical minerals projects in Africa, according to persons aware of the matter. Both New Delhi and Washington have been keen to construct new critical minerals supply chains to reduce their dependence on China. India, US may invest in Africa's critical minerals According to an analysis by the International Energy Agency, China has a dominant 70% market share in the refining of over a dozen key critical minerals such as gallium, graphite, lithium and nickel. Critical minerals are used in the making of everything from solar panels and lithium ion batteries to medical imaging and wind turbines. America's Department of State and the Development Finance Cooperation initiated talks with key Indian companies and government ministries to consider interest in taking advantage of India's extant business networks in East Africa for critical minerals projects. The talks began during the tenure of the Biden Administration, and the emphasis continues . 'We are working closely with India to strengthen bilateral cooperation on critical minerals, an essential priority for both our countries' economic security. Through COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology) and TRUST (Transforming the Relationship Utilizing Strategic Technology), we are working together to strengthen supply chains to ensure access to critical minerals and support industry innovation,' said a State Department spokesperson in response to a query from HT. 'At the recent Quad Foreign Ministers' Meeting, the Quad partners also announced the launch of the Quad Critical Minerals Initiative, which will strengthen economic security and collective resilience in the face of economic coercion, price manipulation, and supply chain disruptions in this sector,' the spokesperson stated before adding that the State Department has no immediate information to share on joint US-India investments in Africa. In January 2025, India established the ₹16,300 crore National Critical Minerals Mission to boost domestic production of these minerals and reduce dependence on foreign imports. According to the ministry of heavy industries, the Geological Survey of India undertook 368 exploration projects focused on critical and strategic minerals in 2024-25. India has also sought international partners for the creation of new critical minerals supply chains. In 2023, India joined the Minerals Security Partnership , which is led by the United States and includes the European Union, Australia, Japan, South Korea and the United Kingdom. 'MSP partner governments engage across a wide range of agencies and departments, including those responsible for foreign affairs, economy, energy, trade, mining, industry, development finance, and export finance. MSP partners established the Finance Network to bring together the development finance institutions (DFIs) and export credit agencies (ECAs) of the MSP partner governments to concretely focus on project finance,' according to the US State Department. Despite these efforts, the International Energy Agency estimates that efforts to diversify supply chains will make slow progress. For example, IEA predicts that critical minerals refining supply chains will only see marginal diversification by 2035 with China remaining the dominant player.
