Clean energy will increase demand for minerals – WB report
Accra, A new World Bank report released on Thursday highlighted the potential impacts that the expected continuing boom in low-carbon energy technologies would have on demand for many minerals and metals.
Using wind, solar, and energy storage batteries as key examples of low-carbon or green energy technologies, the report dubbed, The Growing Role of Minerals and Metals for a Low-Carbon Future examines the types of minerals and metals that would likely increase in demand as the world works towards commitments to keep the global average temperature rise at or below 2C.
The report, which was made available to the Ghana News Agency by the World Bank, said 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.
It said the most significant example was electric storage batteries, where demand for relevant metals: aluminum, cobalt, iron, lead, lithium, manganese, and nickel� could grow by more than 1,000 per cent if countries take the actions needed to keep global warming at or below 2C.
The report showed that a shift to a low-carbon future could result in opportunities for mineral-rich countries but also points to the need for these countries to ensure they have long-term strategies in place that enable them to make smart investment decisions.
It said in readiness for growth in demand, countries would need to have appropriate policy mechanisms in place to safeguard local communities and the environment.
With better planning, resource-rich countries can take advantage of the increased demand to foster growth and development, said Riccardo Puliti, Senior Director and Head of the Energy and Extractive Industries Global Practice at the World Bank.
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, he added.
Source: Ghana News Agency