“Minerals are crucial to achieving net zero” Environmental Energy Agency claims
A new report from the International Energy Agency (IEA) predicts that demand for critical minerals will rise rapidly as countries pursue their net zero goals. The IEA says clean energy technologies like electric vehicles and wind turbines will require large supplies of these rare materials if they want to meet climate targets by 2035, but there is a risk supply could tighten in response to increased consumption over time.
A new report from the International Energy Agency says that a rising demand for materials such as lithium, copper and nickel, colbat and other rare earth elements will be needed to meet our clean energy goals of going net zero.
The report calls on the government to take action to ensure there are enough critical minerals like cobalt and lithium, which are used in batteries for electric vehicles. The world is running out of these rare metals as mining firms tap into new deposits around the globe.
The reports call on governments across Europe that have long encouraged consumers to buy battery-powered cars with subsidies or tax breaks incentives should now intervene because production has become so costly due low inventories at mines and tight credit markets where banks demand high rates from potential borrowers who need more capital upfront than they previously needed when it was less expensive.
The EEA report states that clean energy technologies need much more minerals than fossil fuel. For example, an electric vehicle requires six times the rare earth minerals of a conventional car and onshore wind plants require nine times as many resources per unit area when compared with similarly sized gas power plants; it reveals that the energy sector is facing an enormous shortage of critical minerals that could have serious consequences if they are not addressed. The world’s demand for these resources will increase six times by 2040, and the targets set in Paris may become even more difficult to achieve… continue reading