Rising demand for energy in Asia and the Pacific without a major increase in supply threatens the region’s energy security and affordability, development progress, and the environment. Asia and the Pacific needs enormous investment to meet the estimated six-fold increase in global demand for critical minerals to make solar panels, EVs and other renewable energy components by 2050. Value chains in the sector are challenged by high concentration and fragmentation. There remains a major financing gap for responsible investment to meet projected demand for critical minerals to manufacture the clean energy technologies the world needs​. Developing countries hold the bulk of the world's critical mineral reserves, such as lithium, cobalt, and nickel, but they’re not able to maximize this for development. At the same time, without stringent standards, mining and manufacturing pose considerable environmental, social, and governance risks, as well as the risk of carbon lock-in.

New technologies, innovative solutions and business models exist to make the sectors more environmentally sustainable, drive cost efficiency, enhance transparency across value chains, and effectively reverse the trend in GHG emissions. ADB’s approach focusses on supporting the development of diverse, responsible and sustainable critical minerals to clean energy technology value chains, including facilitating a shift to a circular clean energy economy.