I am indeed, Chair. Thank you very much for the opportunity.
Ladies and gentlemen, thank you for the opportunity to discuss our role in the area of critical minerals.
I'm really pleased to join you here today with some of my colleagues from NRCan and, as previous experts have demonstrated, those from across the country.
I will start by saying that this is an extremely timely discussion, certainly one that is on the top of many people's minds and has been amplified by the pandemic. As Canada looks to rebuild the economy for the better, following the pandemic and the challenges it continues to present, this includes building a future and an economy that's greener, more inclusive and much lower-carbon.
It includes also taking action in areas in which Canada can shine and lead the way. I'll briefly cover three things that I think complement where we've been today with some of the other speakers: one, the importance of critical minerals; two, the opportunity for Canada to be a supplier of choice; and three, some of the work that we're doing at NRCan and with our colleagues to make these things a reality.
First off, as I think we would all say, but maybe it's important to underline, critical minerals go into everything from solar panels to wind turbines; from fuel cells to next-generation batteries and storage facilities for energy; from electric vehicles to robotics, electronics, health applications, defence procurement, and new and modern alloys and metals.
In the decades to come, these minerals are forecast to skyrocket, and we expect that demand will increase. For example, the World Bank has predicted a 500% increase by 2050 in the production of such minerals as graphite, lithium and cobalt just to feed the clean energy transition alone. The World Bank also estimates that over three billion tonnes of minerals and metals will be needed to deploy the clean energy needed for the world's transition to a lower-carbon future.
Here presents the opportunity, an opportunity that Canada is uniquely positioned to take advantage of in this global context. We already produce 60 minerals and metals of different varieties and are capable of producing many more. Canada is, by all estimations, a global giant in the mining and metal community. We are the fourth-largest holder of rare earth elements, behind China, Brazil and Vietnam. We are the only nation in the western hemisphere with all the minerals and metals needed to produce advanced batteries for electric vehicles.
Perhaps most important is that Canada is a world leader in the environmental, social and governance credentials in clean mining practices that are expected and that are not only important but a responsibility for Canada to promote and practise around the world.
These are our competitive advantages, and as we look at the opportunity, it is one we want to see and one in which Canada can shine, not only in getting critical minerals out of the ground, but in building the value chains—as it is identified in your study why these are important.
Let's pause for just a moment to talk about value chains. Value chains are—