Shortages of a handful of rare minerals could slow the future growth of the burgeoning renewable energy industries, and affect countries' chances of limiting greenhouse gas emissions, business leaders were told at the World Economic Forum in Davos, Switzerland, this week.

Last year, prices of many scarce minerals exploded, rising as much as 10 times over 2010 levels before dropping back, said PricewaterhouseCoopers (PwC).

Terbium, yttrium, dysprosium, europium and neodymium are widely used in the manufacture of wind turbines, solar panels, electric car batteries and energy-efficient light bulbs. But because these "rare earths" are mined almost exclusively in China, it is becoming increasingly difficult and expensive to source them in the required quantities.

In a survey of some of the largest clean energy manufacturers, 78% told PwC said they were already experiencing instability of supply of rare metals, and most said they did not expect shortages to ease for at least five years. Currently, 95% of the rare earth minerals needed by clean tech industries come from China which has set strict export quotas. Last year China reserved most for its own for its domestic wind, solar and battery industries, shifting costs to the U.S. and Europe which do not mine any of the minerals.