The expected continuing boom in low-carbon energy technologies will increase demand for many minerals and metals, opening new business opportunities for resource-rich countries, says a report published by the World Bank on Tuesday.
“Countries with capacity and infrastructure to supply the minerals and metals required for cleaner technologies have a unique opportunity to grow their economies if they develop their mining sectors in a sustainable way, ” said Riccardo Puliti, Senior Director and Head of the Energy and Extractive Industries Global Practice at the World Bank.
Using wind, solar, and energy storage batteries as key examples of low-carbon or “green” energy technologies, “The Growing Role of Minerals and Metals for a Low-Carbon Future” report examines the types of minerals and metals that will likely increase in demand as the world works towards commitments to keep the global average temperature rise at or below 2°C.
Based on climate and technology scenarios developed out of the International Energy Agency’s (IEA) Energy Technology Perspective, the World Bank developed a set of commodities demand projections up to 2050.
According to the report, minerals and metals expected to see heightened demand include: aluminum, copper, lead, lithium, manganese, nickel, silver, steel, and zinc and rare earth minerals such as indium, molybdenum, and neodymium.
Demand for individual metals and minerals will reflect the component mix of low-carbon technologies, corresponding with economic changes and technical developments, the report notes.
Choose your newsletter by Renewables Now. Join for free!