Supplying Critical Materials in a Time of Uncertainty
Supplying Critical Materials in a Time of Uncertainty

Author(s): Nikola Radic, Vlado Radic, Nenad Ravić
Subject(s): Social Sciences, Economy
Published by: Udruženje ekonomista i menadžera Balkana
Summary/Abstract: The high demand for energy, food, and raw materials is putting an enormous strain on ecosystems around the planet. Therefore, the industrial strategies of many countries rely on the so-called green plan and transition toward climate neutrality. In this sense, the need for new materials greatly exceeds the existing possibilities and capacities. Critical materials are raw materials that have great economic importance and for which there is a probability of shortage. Since the world is facing more and more serious problems, whether it is an economic crisis, a pandemic, or war conflicts, the general character of the present and, one would say, future time, is uncertain. Prediction of uncertainty is a task that decision-makers must keep in mind when deciding on the present and the future, not only of economies but of entire ecosystems and populations as a whole. The paper shows how critical materials affect development and growth, and the fulfillment of environmental requirements, using examples from various industries.

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