It is our contention that energy is not the only resource that will be scarce in the immediate future. We envisage scarcities of food, water, and a whole variety of minerals that are crucial to the operation of a modern economy. Our thinking so far has focussed on the 2020s as the decade in which scarcity starts to be felt (we call it ‘Scarcity Bites’), but recent events have drawn our attention to a much earlier manifestation.
A recent article in The Independent (see below for link), has drawn our attention to the case of the Rare Earth Elements (REEs), a group of 17 rare metals that are essential to the manufactures of the modern economy which are in a situation of scarcity (demand outstrips supply). The picture is further complicated by China being the main source of the REEs (it supplies over 95% of the world total of REEs) and following a policy of restricting their export. This conjures up some fascinating possibilities for the future.
Source: The European Futures Observatory.