Human-made material stocks accumulating in buildings, infrastructure, and machinery play a crucial but underappreciated role in shaping the use of material and energy resources. Building, maintaining, and in particular operating in-use stocks of materials require raw materials and energy. Material stocks create long-term pathdependencies because of their longevity. Fostering a transition toward environmentally sustainable patterns of resource use requires a more complete understanding of stock-flow relations. Here we show that about half of all materials extracted globally by humans each year are used to build up or renew in-use stocks of materials. Based on a dynamic stock-flow model, we analyze stocks, inflows, and outflows of all materials and their relation to economic growth, energy use, and CO 2 emissions from 1900 to 2010. Over this period, global material stocks increased 23-fold, reaching 792 Pg (±5%) in 2010. Despite efforts to improve recycling rates, continuous stock growth precludes closing material loops; recycling still only contributes 12% of inflows to stocks. Stocks are likely to continue to grow, driven by large infrastructure and building requirements in emerging economies. A convergence of material stocks at the level of industrial countries would lead to a fourfold increase in global stocks, and CO 2 emissions exceeding climate change goals. Reducing expected future increases of material and energy demand and greenhouse gas emissions will require decoupling of services from the stocks and flows of materials through, for example, more intensive utilization of existing stocks, longer service lifetimes, and more efficient design. material flow accounting | socioeconomic metabolism | circular economy | carbon emission intensity | manufactured capital T he growing extraction of natural resources, and the waste and emissions resulting from their use, are directly or indirectly responsible for humanity approaching or even surpassing critical planetary boundaries (1). Both decoupling of resource use from economic development and absolute reductions in the use of certain materials and energy sources are imperative for sustainable development (2). The demand for materials and energy is to a large extent driven by constructing, maintaining, and operating inuse stocks of materials (hereafter "material stocks"), or what economists call manufactured capital (buildings, infrastructure, artifacts). These stocks transform material and energy flows into services, such as shelter or mobility (3, 4). The significance of longlived stocks of infrastructure and buildings for determining and potentially reducing future material and energy use and greenhouse gas emissions is increasingly recognized (5, 6). This study investigates the dynamics of global stocks and flows of materials by using and expanding a material flow accounting (MFA) approach. MFA is used in industrial ecology to study the biophysical domain of society, comprising in-use stocks and the processes and flows that maintain and operate these stocks, ...