Highlights
Quadrupling of mineral requirements seen by 2040
Production of minerals called too concentrated
Top three producers provide 75% of supplies
Momentum in the clean energy transition is rising worldwide despite the continuing effects of the coronavirus pandemic, an International Energy Agency analyst told the mining-focused MINEX Kazakhstan Forum.
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This is because "the countries and companies that have announced pledges to reduce their GHG emissions to net-zero by the midcentury account for as much as 70% of the global GDP and emissions," IEA analyst Tae-Yoon Kim told the forum Sept. 15.
Still, turning these pledges into action implies a massive acceleration in clean energy deployment; yet a clean energy system needs a lot more minerals and metals to build than the one fueled by hydrocarbons, the analyst said.
Falling short
The IEA said in a May report that by 2030, global lithium and cobalt supply could meet only half of their forecast demands, and copper production could fall 25% short of consumption. It said long lead times to develop projects and declining qualities of reserves compound a looming mismatch between the supply of critical energy transition minerals and climate ambitions.
Lithium, nickel, cobalt and manganese are vital for batteries, as are rare earths for wind turbines and electric vehicle motors. Large amounts of copper and aluminum are required for...
Read Full Story: https://www.spglobal.com/platts/en/market-insights/latest-news/metals/091721-energy-transition-could-see-mineral-demand-run-ahead-of-supply-by-end-of-decade
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