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Production of battery metals such as graphite, lithium and cobalt will have to increase by nearly 500 percent by 2050 to meet growing demand
for clean energy technologies, the World Bank reported Monday.
According to the global lender, deploying wind, solar and geothermal energy, as well as the energy storage needed to transition to a low-carbon economy, will require more than 3 billion tons of minerals and metals
.
Many important minerals
used in the manufacture of electric vehicle batteries have been found in developing countries.
The World Bank's goal is to help these countries mine these commodities in a sustainable way to avoid significant ecological damage
.
Extracting the vast quantities of critical commodities the world needs is seen as the only way
to achieve the goals of the Paris Agreement.
The agreement aims to limit global warming to 2°C or less
.
According to the Minerals for Climate Action report, the world will demand a 50% reduction in global greenhouse gas emissions by 2030 and a net zero
by 2050.
The findings confirm the premise of the first report, published in 2017, which warned that ambitious climate targets are becoming more demanding minerals and metals
.
Although renewable energy and energy storage technologies require more minerals, the carbon footprint of their production, from extraction to end-use, accounts for only 6%
of the greenhouse gas emissions produced by fossil fuels.
The report also calls for more recycling and reuse of minerals, noting that even a 100% increase in the recovery rate of minerals such as copper and aluminum would not be enough to meet the demand
for renewable energy technologies and energy storage.
Some minerals, such as copper and molybdenum, will be used in multiple technologies, while some others, such as graphite and lithium, may only be used for battery storage
.
This means that any change in the deployment of clean energy technologies could have a significant impact
on demand for certain minerals.
The World Bank warns that COVID-19 is wreaking havoc on global markets, while mineral-dependent developing countries are losing essential fiscal revenues
.
The bank noted that as economies begin to reopen, they will need to strengthen their commitment to climate-smart mining principles to mitigate negative impacts
.
"Covid-19 may pose additional risks to sustainable mining, making governments' and companies' commitment to climate-smart practices more important than ever," explained
Riccardo Puliti, Global Director for Energy and Extractive Industries and Regional Director for Infrastructure at the World Bank.
The World Bank's latest forecast echoes Moody's February report, indicating that green, social and sustainability bond issuance is expected to reach $400 billion this year
.
That's a 24%
increase from the record $323 billion in 2019.
Production of battery metals such as graphite, lithium and cobalt will have to increase by nearly 500 percent by 2050 to meet growing demand
for clean energy technologies, the World Bank reported Monday.
According to the global lender, deploying wind, solar and geothermal energy, as well as the energy storage needed to transition to a low-carbon economy, will require more than 3 billion tons of minerals and metals
.
Many important minerals
used in the manufacture of electric vehicle batteries have been found in developing countries.
The World Bank's goal is to help these countries mine these commodities in a sustainable way to avoid significant ecological damage
.
Extracting the vast quantities of critical commodities the world needs is seen as the only way
to achieve the goals of the Paris Agreement.
The agreement aims to limit global warming to 2°C or less
.
According to the Minerals for Climate Action report, the world will demand a 50% reduction in global greenhouse gas emissions by 2030 and a net zero
by 2050.
The findings confirm the premise of the first report, published in 2017, which warned that ambitious climate targets are becoming more demanding minerals and metals
.
Although renewable energy and energy storage technologies require more minerals, the carbon footprint of their production, from extraction to end-use, accounts for only 6%
of the greenhouse gas emissions produced by fossil fuels.
The report also calls for more recycling and reuse of minerals, noting that even a 100% increase in the recovery rate of minerals such as copper and aluminum would not be enough to meet the demand
for renewable energy technologies and energy storage.
Some minerals, such as copper and molybdenum, will be used in multiple technologies, while some others, such as graphite and lithium, may only be used for battery storage
.
This means that any change in the deployment of clean energy technologies could have a significant impact
on demand for certain minerals.
The World Bank warns that COVID-19 is wreaking havoc on global markets, while mineral-dependent developing countries are losing essential fiscal revenues
.
The bank noted that as economies begin to reopen, they will need to strengthen their commitment to climate-smart mining principles to mitigate negative impacts
.
"Covid-19 may pose additional risks to sustainable mining, making governments' and companies' commitment to climate-smart practices more important than ever," explained
Riccardo Puliti, Global Director for Energy and Extractive Industries and Regional Director for Infrastructure at the World Bank.
The World Bank's latest forecast echoes Moody's February report, indicating that green, social and sustainability bond issuance is expected to reach $400 billion this year
.
That's a 24%
increase from the record $323 billion in 2019.
