Report World Bank Group
“Minerals for Climate Action” According
to a new
World Bank Group
analysis titled
"Minerals for Climate Action: "The Mineral Intensity of the Clean Energy Transition," mineral production might increase by approximately 500 percent by 2050 to fulfill the growing demand for clean energy technology.
I
t is estimated that more than 3 billion tonnes of minerals and metals will be necessary to install wind, solar, and geothermal power, as well as energy storage, in order to keep global warming below 2 degrees Celsius. This follows the World Bank's 2017 research, "The Growing Role of Minerals and Metals
8 | SKILLINGS MINING REVIEW April 2022
for a Low-Carbon Future," which stated that in order to achieve a lower-carbon future, demand for a number of essential minerals and metals to produce cleaner energy technologies would skyrocket. To put it another way, the clean energy transition will be mineral-intensive.
While the increased demand for minerals and metals creates an economic potential for resource-rich developing countries as well as private sector companies, considerable hurdles are anticipated to arise if the climate-driven clean energy transition is not managed ethically and sustainably. The Climate-Smart Mining Initiative aims to help resource-rich developing nations benefit from rising demand for minerals and metals while also ensuring that the mining sector is handled in a way that is environmentally and climate-friendly. By increasing the technical help and investments in resource-rich developing countries, the idea conjuncts the eco friendly extraction and processing of minerals and metals to ensure supply for clean energy technologies by minimizing the social, environmental, and climate footprint throughout the value chain of those materials.
