TOKYO -- Concerns are mounting in Japan over its access to materials considered key in the push toward decarbonization, with most production of mineral resources such as lithium and cobalt concentrated in just a handful of countries.

Any threat to supplies of metals used to churn out everything from batteries for electric vehicles to electricity poles could stall the drive for a greener society in Japan and other places such as Europe and the U.S.

That comes as Australia, Chile and China account for nearly 90% of the world's lithium output, while the Democratic Republic of the Congo [DRC], Russia and Australia excavate some 80% of its cobalt.

Wood Mackenzie expects demand for lithium to surge over twelvefold by 2040 from 2020 levels, with appetite for cobalt jumping nearly sixfold. That will be underpinned by the greening of the energy supply network, according to Eleni Joannides, a principal analyst at the British research firm.

Underscoring the growing emphasis on such resources, Anglo-Australian commodity giant Rio Tinto Group in July announced its first full-scale investment in lithium with a plan to spend $2.4 billion mining the metal in Serbia. CEO Jacob Stausholm said the global shift in energy offers good business opportunities.

And soaring demand is firing up prices. Lithium carbonate, used to produce batteries, traded at a record high of 190,000 yuan ($29,661) per ton in China in late October, more than doubling from early August, according to Argus Media. Trading in China serves as a price barometer for the material.

While the production of conventional energy resources has been decentralized due to long-term development, the specter of "resource nationalism" looms large over markets for metals needed for decarbonization.

DRC, which has a cobalt production share of about 70%, is considering amending its agreement to supply the material to Chinese companies amid accusations the construction of infrastructure pledged by the Chinese side has not been as quick as expected, people familiar with the matter said.

Elsewhere, Chile's parliament is considering hiking taxes on mining companies operating there, potentially curbing metal supplies from the South American nation. If legislation passes, the effective tax rate for major miners could jump to as much as 80% from around 40% now.

Meanwhile, Beijing is continuing to seek mining concessions around the world via tie-ups with Chinese companies. In September, Contemporary Amperex Technology, a leading global producer of automobile batteries, decided to acquire a major Canadian lithium mining company.

At the same time, the U.S. and Europe are moving to ease their reliance on overseas suppliers.

The European Union is trying to become less dependent on imports through measures such as developing underground resources in the region and nurturing recycling networks. The U.S. administration is considering using Section 232 of the Trade Expansion Act to restrict imports deemed to threaten national security. EV maker Tesla has secured rights to a site in Nevada where it plans to produce lithium.

But trying to boost domestic production is not an option for resource-poor Japan, which must move to shore up supplies from overseas, especially as global competition for these materials is likely to intensify in the wake of the 26th U.N. Climate Change Conference (COP26), which started in Glasgow on Sunday.