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According to the World Bank, demand for metals as diverse as wind turbine blades to batteries will surge
in the coming decades, driven by efforts to decarbonize the global economy and move away from fossil fuels.
Economists at the bank wrote in a report released Thursday that while consumption growth in other commodities such as grains is likely to slow over the next 30 years, metal demand will remain high, "a windfall for countries that export the metal.
"
The adoption of low-carbon power generation "means that demand for copper, nickel, cobalt and lithium will increase permanently, and eventually reduce the use of
fossil fuels.
" ”
The long-term outlook for metals and other commodity categories has far-reaching implications for developing countries, two-thirds of which rely on raw material exports
for most of their income, the report said.
The bank urged commodity-dependent governments to set up so-called precautionary funds to avoid debt build-up and avoid protectionist trade policies
when price volatility is imminent.
According to the World Bank, demand for metals as diverse as wind turbine blades to batteries will surge
in the coming decades, driven by efforts to decarbonize the global economy and move away from fossil fuels.
Economists at the bank wrote in a report released Thursday that while consumption growth in other commodities such as grains is likely to slow over the next 30 years, metal demand will remain high, "a windfall for countries that export the metal.
"
The adoption of low-carbon power generation "means that demand for copper, nickel, cobalt and lithium will increase permanently, and eventually reduce the use of
fossil fuels.
" ”
The long-term outlook for metals and other commodity categories has far-reaching implications for developing countries, two-thirds of which rely on raw material exports
for most of their income, the report said.
The bank urged commodity-dependent governments to set up so-called precautionary funds to avoid debt build-up and avoid protectionist trade policies
when price volatility is imminent.
