The production of minerals such as graphite, lithium and cobalt could potentially increase by 500% by 2050 to meet the growing demand for clean energy technologies, the World Bank reports.
In a report, titled 'Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition', the World Bank estimates that more than three-billion tons of minerals and metals will be needed to deploy wind, solar and geothermal power, as well as energy storage.
The World Bank says these renewable energy transitions are necessary to limit global warming.
Even though clean energy technologies will require more minerals, the carbon footprint of their production from extraction to end-use will account for only 6% of the greenhouse-gas emissions that would be generated by fossil fuel technologies, it states.
The bank underscores the important role that recycling and the reuse of minerals will play in meeting growing demand for minerals.
It also notes that even if recycling rates are scaled up for minerals such as copper and aluminium by 100%, recycling and reuse would still not be enough to meet the demand for renewable energy technologies and energy storage.
Keeping the current global context of Covid-19 in mind, mining industries are suffering major disruptions and countries that rely on minerals are missing out on essential fiscal revenues.
The World Bank says that, as these countries’ economies start to reopen, they will need to strengthen their commitment to climate-smart mining principles and mitigate any negative impacts.
“Covid-19 represents an additional risk to sustainable mining, making the commitment of governments and companies to climate-smart practices more important than ever before,” says World Bank energy and extractive industries director Riccardo Puliti.
The report further reveals that some minerals, including copper and molybdenum, will be used in a range of technologies, while others, such graphite and lithium, may be needed for just one technology – battery storage. This means that any changes in clean technology deployments could have significant consequences on demand for certain minerals.