New Delhi, Aug. 1 -- Global demand for critical minerals is set to rise strongly through 2040, driven by the expansion of electric vehicles, battery storage, renewable energy and electricity networks, while supply gaps for key minerals such as copper and lithium are expected to persist, according to the International Energy Agency's (IEA).

The report suggests that meeting future demand will require more than USD 750 billion in investment in mining and refining between now and 2040 under the Stated Policies Scenario (STEPS). Copper is expected to account for the largest share of investment at about USD 310 billion, followed by nickel at USD 280 billion.

The IEA projects lithium demand to more than triple by 2040 under STEPS, while graphi...