India, Oct. 9 -- The financial system underpinning mineral exploration and mining must be reformed to ensure responsible investment and a fair clean energy transition, according to a new report from the UN Environment Programme's International Resource Panel (IRP).

With minerals now accounting for 50 per cent of global raw material extraction, up from 31 per cent in 1970, demand for energy transition minerals such as lithium, cobalt, nickel and rare earths is soaring. Lithium demand alone is projected to be nine times 2022 levels by 2050.

"The demand for minerals and metals needed for the energy transition requires a mining industry that contributes to sustainable development while respecting human rights and the environment," said Jane...