Hugh Miller - Grantham Research Institute on climate change and the environment

About

Hugh is the Critical Minerals Lead at the LSE Centre for Economic Transition Expertise (CETEx). He previously worked at the Organisation for Economic Co-operation and Development as a Policy Analyst, focusing on biodiversity-related financial risks and critical minerals.

Research

Research - 2026

The changing dynamics in global metal markets: how the energy transition and geofragmentation may disrupt commodity prices

Working paper

by Hugh Miller and Juan Pablo Martínez

on 12 January, 2026

This paper examines a subset of essential transition-critical minerals to assess how metal commodity markets may be impacted by shifting global economic dynamics. Read more

Research - 2023

The stumbling block in ‘the race of our lives’: transition-critical materials, financial risks and the NGFS climate scenarios

Working paper

by Hugh Miller, Simon Dikau, Romain Svartzman and Stéphane Dees

on 30 January, 2023

This paper empirically estimates the material demand requirements for so-called ‘transition-critical materials’ (TCMs) implied under two climate scenarios and finds potentially serious supply ‘bottlenecks’ for three materials – copper, lithium and nickel – which are exacerbated if the transition is delayed. Read more

Policy

Policy - 2023

Critical metals for the low-carbon transition: macro-financial issues

Policy publication

by Simon Dikau and Hugh Miller

on 9 May, 2023

In order to assess these imbalances, Miller et al (2023) estimate the demand for metals induced by the NGFS climate scenarios and outline the potential implications in terms of macro-financial vulnerabilities. Read more

Policy - 2022

Preventing a ‘climate Minsky moment’: environmental financial risks and prudential exposure limits | Exploring the case of the Bank of England’s prudential regime

Policy publication

by Hugh Miller and Simon Dikau

on 3 March, 2022

This report establishes a firm basis for central bank supervisory action in mitigating the risks from the transition to net-zero and proposes a policy change to enable the Bank of England to better identify and reduce transition risk. Its analysis is relevant for other central banks around the world, too. Read more