The switch from fossil fuels to low-carbon sources implies a massive leap in demand for metals and other commodities, IMF said, warning that lagging investment in production is causing shortages and sharp increases in prices for the materials.
Under the International Energy Agency’s Net-Zero by 2050 Roadmap, the share of power from renewables needs to rise from to 60% by mid-century from the current 10%, led by solar, wind, and hydropower, the International Monetary Fund’s experts noted in a blog post. They explained it would cause “unprecedented metals demand in the coming decades.”
A typical electric vehicle battery pack, for example, contains eight kilograms of lithium, 35 kilograms of nickel, 20 kilograms of manganese and 14 kilograms of cobalt, while charging stations require substantial amounts of copper. For green power, solar panels use large quantities of copper, silicon, silver and zinc, while wind turbines require iron ore, copper, and aluminum.
Developing a mine often takes a decade or more
It means that replacing fossil fuels with low-carbon technologies would require an eightfold increase in renewable energy investments and cause a strong increase in demand for metals. However, developing mines is a process that takes a very long time – often a decade or more –and presents challenges at both the company and country level, the authors pointed out.
Biggest lags are projected for graphite, cobalt, vanadium, nickel
Given the projected increase in metals...
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