The United States has released an updated list of critical minerals, highlighting the growing importance of metals that support clean energy, technology, and national security. This new list from the U.S. Geological Survey (USGS) and the Department of the Interior now has 51 minerals.
The draft recommends adding six minerals—potash, silicon, copper, silver, rhenium, and lead, listed in order of risk—to the U.S. Critical Minerals List, while removing two minerals, arsenic and tellurium.
Silver and copper are included for the first time. The update shows how crucial these resources are for America’s industrial and clean energy plans. Both metals are in high demand for renewable energy systems, electric vehicles, and advanced electronics.
The U.S. wants to expand the list to boost supply security, cut down on imports, and get ready for global competition over these resources.
Why the U.S. Updates Its Critical Minerals List
Critical minerals are defined as non-fuel minerals that are vital to the U.S. economy and security but are at risk of supply disruptions. The U.S. first released a formal list in 2018, and it has been updated several times as global demand and geopolitical risks shift.
The 2025 update considers several factors, including:
- Economic importance: Minerals are essential for industries like defense, energy, and technology.
- Supply chain risks: The potential for shortages due to import dependence or geopolitical tensions.
- Future demand: Projected growth in renewable energy and electric vehicle markets.
Silver and copper were added because new data show their strategic role in clean energy. Both metals are widely available globally, but demand is increasing so quickly that supply risks are now more relevant.
This update highlights how the U.S. is adjusting its policies to keep pace with the global race for minerals.
Silver: A Rising Star in the Energy Transition
Silver’s addition to the list is significant. Traditionally known as a precious metal, silver is also one of the most effective conductors of electricity. This property makes it essential for solar panels, batteries, and electronics.
- Solar panels: Silver paste is used in photovoltaic cells to conduct electricity. Each panel requires 15–20 grams of silver, and global solar demand is expected to drive record use.
- Electronics: From smartphones to electric vehicles, silver is a critical component in circuit boards and electrical connections.
- Medical uses: Silver’s antimicrobial properties also make it valuable for healthcare applications.
According to the Silver Institute, solar energy alone could account for nearly half of silver’s industrial demand by 2030. However, global mine supply has been relatively flat, creating concerns about shortages.
By adding silver to the list, U.S. policymakers recognize the growing risk of relying too heavily on foreign sources. While the U.S. produces some silver, much of the supply comes from countries like Mexico, Peru, and China. This creates potential vulnerabilities as clean energy deployment accelerates.
Copper: The Backbone of Electrification
Copper is another critical addition to the 2025 list. Known as the “metal of electrification,” copper is vital for power grids, renewable energy, electric vehicles, and data centers.
- Electric vehicles (EVs): EVs require up to four times more copper than gasoline-powered cars, mainly for batteries and wiring.
- Power grids: Copper is a key material in transmission lines, transformers, and substations. Expanding renewable energy capacity depends on copper-intensive infrastructure.
- Clean energy: Wind turbines and solar farms use large amounts of copper in their electrical systems.
Global demand for copper is projected to double by 2035, according to industry forecasts. Yet, mining capacity has struggled to keep pace. Large new projects take years to develop, and permitting challenges in the U.S. have slowed growth.
The U.S. currently imports a significant share of its copper, with major suppliers including Chile and Canada. The government calls copper a critical mineral. This signals a plan to boost domestic production and recycling. The goal is to reduce reliance on imports.
Broader Implications of the Critical Minerals List
The new list does more than identify resources; it also influences U.S. policy and investment. Minerals on the list qualify for government programs that support domestic exploration, mining, and processing. This can include federal funding, streamlined permitting, and public-private partnerships.
For companies, being linked to critical minerals often boosts investor interest. It signals long-term demand and potential access to U.S. government support. U.S. mining firms looking for silver and copper deposits could find more financing options.
The updated list also affects international trade. By focusing on these resources, the U.S. can form new partnerships with allies that have rich mineral reserves. This move also helps cut down reliance on countries with high supply risks.
Adding silver and copper to the critical minerals list is more than just a policy shift. It impacts markets, industries, and climate goals directly. Knowing how these metals influence clean energy and tech development shows why the update is important.
The Global Race for Silver and Copper
The U.S. is not alone in its push to secure mineral supplies. The European Union, Japan, and China are updating their plans. They want to secure steady access to silver, copper, and other key resources.
- China: A dominant player in mineral refining and processing, especially for copper and rare earths. By 2025, China is set to produce 57% of the world’s refined copper. Its output is expected to rise by 7.5% to 12% each year, despite global copper shortages. China also leads in copper smelting and refining. Since 2019, it has added over 97% of the global capacity.
- Europe: The region recycles around 37% of the world’s silver. This is much higher than its primary silver production, which is only about 7%. Most of that production comes from Poland and Sweden. In Europe, up to 90% of copper in buildings and infrastructure is recycled. This highlights the importance of reuse and circular economy initiatives.
- Global supply: Silver and copper mining is concentrated in a few countries, such as China, Peru, Chile, and the DRC, raising concerns about bottlenecks.
As countries accelerate clean energy goals, competition for these metals is expected to grow. Some analysts warn of a potential supply gap in copper as early as 2030 if new projects do not come online quickly enough.
Mining, Recycling, and the Green Dilemma
While expanding mining is a logical solution to supply risks, it comes with challenges. Mining projects often raise environmental and social concerns, including water use, land disturbance, and impacts on local communities.
In the U.S., new projects frequently face delays due to permitting and opposition. Balancing the need for secure supply with environmental protections will remain a key challenge. Recycling may help close the gap, but new production will still be required.
The recognition of silver and copper as critical minerals reflects these trade-offs. Policymakers see the environmental challenges. They believe that securing supply is key to economic and climate goals.
Looking Ahead: U.S. Strategy for a Mineral-Driven Future
The updated critical minerals list reveals how the U.S. is getting ready for a future focused on clean energy, electrification, and digital technologies. Silver and copper are now seen not only as industrial metals but as pillars of energy security.
Moving forward, the U.S. will likely expand efforts to:
- Support domestic mining and refining of silver and copper.
- Increase recycling and circular economy solutions.
- Build alliances with mineral-rich countries.
- Balance environmental concerns with supply needs.
By naming silver and copper as critical, the U.S. is aligning its resource strategy with long-term economic and climate goals. The next decade will determine whether the country can secure enough of these essential metals to stay competitive in the global energy transition.
- FURTHER READING: U.S. DOE Reveals $1B Funding to Boost Critical Minerals Supply Chain
The post U.S. Releases New Draft Critical Minerals List: Silver and Copper Join the Clean Energy Race appeared first on Carbon Credits.
Key takeaways
- SBTi is the default reference point for corporate climate action: 51% of Fortune Global 500 companies now hold net-zero targets, up from 8% in 2020, and over 11,000 organizations worldwide have SBTi-validated targets.
- Net Zero Standard V2 redefines climate leadership as reducing emissions and mitigating ongoing emissions, not reduction alone.
- The new standard adds flexibility through five-year cycles, a “best efforts” standard, and an Asset Transition Method for companies whose path to net-zero doesn’t fit a straight-line trajectory.
- Voluntary carbon credits are formally recognized for the first time, with reduction and removal credits accepted from 2027, and removals required from 2035.
- Companies with 2030 targets keep using V1 for their current cycle and move to V2 in 2028; companies without targets can start using V2 on February 1, 2027.
Why every business needs to understand the SBTi Net-Zero Standard revision
The Science Based Targets initiative (SBTi) has become the default reference point for credible corporate climate action. Net-zero targets are now held by 51% of Fortune Global 500 (FG500) companies, up dramatically from just 8% in 2020, and more than 11,000 organizations worldwide have set SBTi-validated targets.
However, SBTi’s influence extends well beyond the companies formally participating in the program. Every business in the value chain of an SBTi participant will have to reduce its own carbon emissions, and businesses that aren’t SBTi participants themselves still look to the program for guidance on climate action.
In short, SBTi gives every business a credible blueprint for climate action, and companies that follow its principles can pursue climate action with confidence, whether or not they’re formally part of the program.
How will the Net Zero Standard revision affect business climate action?
SBTi participation is expected to grow. Despite strong target-setting participation among the F500, only 17% of companies use the SBTi Net Zero Standard V1 beyond target setting, largely because its rules have been seen as too rigid to apply in practice. Much of the Net Zero Standard revision has focused on creating more flexibility to enable higher participation. Medium and small businesses will also increasingly feel pressure for climate action, since SBTi mandates that its participants reduce carbon emissions across their value chains.
Net Zero Standard V2 also redefines climate leadership: leading climate action now means reducing emissions and mitigating ongoing emissions. Reducing your own emissions while ignoring the emissions you continue to release along the way is no longer considered leadership. Supporting voluntary carbon projects with high-integrity carbon credits is now backed by the leading authority on corporate climate action.
What lessons shaped the Net Zero Standard V2 revision?
The revision reflects a few learnings about what actually drives climate progress, and how SBTi built those lessons into the new standard.
| Net Zero Standard V1 Learnings | Net Zero Standard V2 Implementation |
|---|---|
| Making real short-term progress is more important and more difficult than making big long-term promises | Focus on short-term climate progress |
| Every company has a different path to net zero that doesn’t always fit generalized net-zero rules | Create asset transition plans based on each company’s unique asset lifecycles and capital planning |
| We need to mitigate our ongoing emissions to keep global carbon emissions in check | Reduce global carbon emissions by financing voluntary carbon projects with high-integrity carbon credits |
What are the key changes between the old and new Net Zero Standard?
Both versions of the standard are grounded in net-zero by 2050. However, the old standard treated climate leadership as simply reducing emissions, expected a long-term commitment to net zero, based emission reduction targets on generalized net-zero goals, revoked status from companies that fell behind on targets, and ignored voluntary carbon projects entirely.
The new standard treats climate leadership as reducing emissions and mitigating ongoing emissions. It shifts the focus to short-term progress through five-year cycles, and it bases emission reduction targets on both the net-zero goal and a company’s own asset decarbonization plan. A new Asset Transition Method lets companies set decarbonization targets through asset plans with committed, verifiable steps; an ambitious but achievable path based on a company’s starting point, financial resources, and technology, with multiple pathways to reflect the unique opportunities and constraints of different industries and companies.
Crucially, the new standard moves to a “best efforts” basis that creates real flexibility on progress against targets. Businesses that miss their targets can keep their status if they’ve used “every lever” within their control, and minimum progress rules will be set out in the SBTi Assurance Manual.
Finally, the new standard formally uses voluntary carbon projects to mitigate ongoing emissions. From 2027 through 2034, this mitigation is recognized, and both carbon reduction and removal credits are accepted. From 2035 forward, mitigation with carbon removal credits becomes required, with durability matching between the removal and the emission it offsets.
| Old Net Zero Standard | New Net Zero Standard |
|---|---|
| Grounded in net-zero by 2050 | Grounded in net-zero by 2050 |
| Climate leadership is reducing emissions | Climate leadership is reducing emissions and mitigating ongoing emissions |
| Make a long-term commitment to net-zero | Focus on short-term progress in 5-year cycles |
| Emission reduction targets are based on net-zero goal |
|
| Businesses who fall behind targets lose status |
|
| Ignores voluntary carbon projects |
|
When does the new Net Zero Standard take effect?
Companies with existing 2030 targets should continue using the old Net Zero Standard for their current cycle, and start using the new Net Zero Standard in 2028 to set targets for the next cycle (2030–2035).
Companies that don’t yet have targets can use the new Net Zero Standard starting February 1, 2027.
What are SBTi’s Category A and Category B companies?
The new Net Zero Standard splits companies into two categories, with different requirements attached to each.
Category A covers large companies from all countries and medium-sized companies from high-income countries. A company from any country qualifies if it meets at least one of: net turnover of €450 million or more, or 1,000 or more full-time employees. A company from a high-income country qualifies if its Scope 1 and 2 emissions are 10,000 tCO2e or more, or if it meets at least two of: balance sheet of €25 million or more, net turnover of €50 million or more, or 250 or more full-time employees.
Category B covers small companies from all countries and medium-sized companies from lower-income countries.
How do Scope 1 targets work under Net Zero Standard V2?
Scope 1 targets aim to transition companies to net-zero direct emissions by 2050 or sooner, and companies can choose from three approaches.
- Absolute emissions reduction follows a straight-line emissions trajectory from the target base year to the net-zero year.
- Emissions intensity reduction lets companies follow sector-specific pathways designed to reflect the reduction opportunities available in sectors like steel, cement, or chemicals.
- Asset transition is designed for companies whose capital stock turnover doesn’t follow a linear or sector pathway. These companies design a transition plan to operate existing assets efficiently and replace them with low-carbon assets, using predetermined milestones.
How do Scope 2 targets work under Net Zero Standard V2?
Scope 2 targets address emissions from purchased electricity through three pathways:
- Reducing electricity consumption,
- Reducing grid consumption by installing onsite or direct-line offsite clean energy generation, and
- Cleaning up the regional grid using market-based tools like PPAs, RECs, and GOs that drive clean energy development.
V2 introduces a dual Scope 2 framework requiring two separate targets, with an overall goal of 100% low-carbon electricity by 2040.
The location-based target addresses the carbon intensity of a company’s physical power use, and requires companies to show that their grid consumption is falling and/or that their physical grid use is getting cleaner; in other words, that their market-based solutions are actually making the grid cleaner.
The market-based (or zero-carbon electricity) target tracks a company’s use of low-carbon power generation contracts and Energy Attribute Certificates. It requires geographical matching of these certificates with electricity consumption based on deliverability regions (grid regions); annual matching is allowed, though hourly matching is encouraged. Category A companies with large electricity loads must report the percentage of their Scope 2 electricity consumption matched with low-carbon attributes on an hourly basis, and there’s an optional recognition framework for companies that meet hourly matching thresholds.
How do Scope 3 targets work under Net Zero Standard V2?
Scope 3 targets share the same 2050-or-sooner net-zero goal, but companies set near-term targets only for material emissions sources in their value chain and areas where they have real influence. Long-term Scope 3 targets are generally not required.
Limited, justified exclusions are allowed for near-term targets, including categories that individually account for less than 5% of total Scope 3 emissions, and activities where a company lacks practical influence, like leased assets it doesn’t operationally control, or the processing of sold products. Optional exclusions are also available in specific categories.
Companies can choose from three approaches to near-term Scope 3 targets:
- An overarching emissions reduction target, which follows a linear contraction of emissions from the base year to residual emissions of 10% or less by 2050 or sooner;
- An overarching supplier/customer alignment target, benchmarked against a growing share of tier 1 suppliers and customers reaching net-zero by 2050 or sooner; or
- A category- or activity-specific target, tailored for companies with concentrated emissions in particular Scope 3 categories or high-emitting activities.
What is “ongoing emissions mitigation” under the new SBTi standard?
This is one of the most significant additions in Net Zero Standard V2. Accelerated climate contributions are needed to help the world achieve climate objectives, limit temperature overshoot, mitigate transition risks, and support the scale-up of climate solutions, and V2 formally recognizes that. Ongoing emissions mitigation runs as a parallel track to companies also reducing their own emissions.
The framework is initially voluntary, with recognition available at three contribution levels to encourage early action.
- Engaged companies address more than 1% of total Scope 1, 2, and 3 emissions.
- Advanced companies address more than 10% of total Scope 1, 2, and 3 emissions, including 100% of Scope 1 and 2 emissions.
- Leadership companies address 100% of total Scope 1, 2, and 3 emissions with a contribution budget of $80/tCO2e.
Carbon credits used for this purpose have to meet certain quality standards. They must be ex-post (issued after the mitigation has actually occurred), independently third-party-assured, emissions reductions or removals, measured in tCO2e, that occur within five years prior to the reporting year. They must be sourced from outside the company’s own value chain. Further minimum criteria will be set to align with high-integrity frameworks, with additional details on the recognition program expected in the second half of 2026.
Starting in 2035, carbon removals become mandatory for Category A companies. From that point, the carbon removal coverage requirement rises linearly from 1% of Scope 1–3 emissions to 100% by a company’s net-zero year. Within that, 10% of long-lived GHG emissions must specifically be covered by durable removals, also rising linearly to 100% by the net-zero year.
How must companies neutralize residual emissions?
At a company’s net-zero target year and thereafter, it must reduce its Scope 1, 2, and 3 emissions to zero or to residual levels, and neutralize all residual emissions using eligible carbon removals. Those removals have to meet two conditions: they must occur within the same reporting period as the residual emissions they’re neutralizing, and long-lived GHGs must be neutralized with long-lived removals, matching the durability of the removal to the atmospheric lifetime of the emission being addressed.
What is the SBTi implementation hierarchy?
Net Zero Standard V2 also lays out how companies should prioritize their actions for credible target delivery, in three tiers.
- Direct actions, at the activity level, are actions that reduce emissions at the source within a company’s own operations and value chain; things like efficiency improvements, fuel switching, and engaging suppliers and customers to reduce their emissions.
- Actions within shared systems, or activity pools that reduce the emissions of shared systems like electricity or gas grids. This includes market instruments that convey low-carbon attributes, such as PPAs, RECs, and GOs, all of which must meet minimum integrity criteria that SBTi will elaborate on in future guidance.
- Sector-level actions relate to the same type of activity occurring in a relevant geography or system, in a way that meaningfully reduces the emissions a company is responsible for.
How Terrapass helps businesses meet the new SBTi standard
As the rules around carbon credits become more rigorous, the quality of the credits behind them matters more than ever. Terrapass has expanded our global network of carbon projects: more project types, locations, prices, ICVCM CCPs, and UN SDGs, spanning super-pollutant destruction, nature-based solutions, and durable removals. We offer Green-e® Climate Certification and we only source from third-party-verified projects on ICVCM-Eligible registries.
We also help clients with impact beyond carbon: EACs, RECs, and GOs including Green-e® Certified credits that support leading renewable energy projects; water credits that support water restoration projects; and custom environmental product needs like RNG and SAF. Wherever your organization is on its sustainability journey, we help clients around the world address climate risk, advance their environmental and social goals, and get the most out of their sustainability budgets.
FAQ: SBTi Net-Zero Standard revision
What is the SBTi Net-Zero Standard?
It’s the framework the Science Based Targets initiative publishes for companies that want validated, credible net-zero targets tied to limiting global warming.
What is changing in the SBTi Net Zero Standard V2 revision?
The biggest changes are more flexibility (five-year cycles and a “best efforts” standard), a new Asset Transition Method for companies whose emissions don’t follow a straight-line path, and formal recognition of voluntary carbon credits for mitigating ongoing emissions.
When do companies need to switch to the new SBTi standard?
If your company already has 2030 targets, you keep using V1 for your current cycle and move to V2 in 2028. If you don’t have targets yet, you can start using V2 as of February 1, 2027.
Can companies use carbon credits to meet SBTi targets?
They can. Under V2, high-integrity carbon reduction and removal credits count toward mitigating ongoing emissions from 2027 through 2034. Starting in 2035, only removal credits count, and they need to be durability-matched to the emissions they offset.
What’s the difference between Category A and Category B companies under SBTi?
Category A is large companies everywhere plus medium-sized companies in high-income countries, based on thresholds like revenue, headcount, or emissions. Category B is small companies everywhere and medium-sized companies in lower-income countries.
What happens if a company misses its SBTi target?
Under the old standard, falling behind could cost a company its SBTi status. Under V2’s “best efforts” approach, a company can hold onto its status as long as it’s used every lever within its control, with minimum progress rules coming in the SBTi Assurance Manual.
Sources: This post is based on Terrapass’s internal analysis of the SBTi Corporate Net-Zero Standard V2.0. Facts and figures were checked against SBTi’s official V2.0 announcement, SBTi’s Corporate Net-Zero Standard V2.0 — Chapter 6: Ongoing Emissions Responsibility, Trellis’s coverage of the standard, Trellis’s reporting on Ongoing Emissions Recognition costs, Sylvera’s analysis of what comes next, Anthesis Group’s Fortune 500 net-zero commitments research, and Climate Impact Partners’ seventh annual FG500 analysis, as reported by CarbonUnits.com.
The post SBTi Net-Zero Standard V2: What the Revision Means for Every Business appeared first on Terrapass.
For most businesses, the emissions that matter most sit outside their own walls. Scope 3 emissions, everything generated across your value chain, from the suppliers who make your inputs to the customers who use your products, typically make up the majority of a company’s total carbon footprint. Under the Corporate Sustainability Reporting Directive (CSRD), those value-chain emissions now have to be measured and disclosed with a rigour that spend-based estimates alone struggle to satisfy. This guide sets out how to improve Scope 3 data accuracy for CSRD: the calculation methods open to you, how to move from estimates to verified supplier data, and how to govern that data so it holds up to audit.
A carbon credit is a commitment that extends well into the future. The tonne of CO₂ compensated for today from a nature-based carbon project must remain out of the atmosphere for good, which means the forest behind the credit has to remain standing long after the transaction is complete. For any buyer, this raises a defining question: What ensures that the forest endures?
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