With demand for key metals used in solar panels, wind turbines, batteries and electric vehicles expected to grow fivefold by 2050, the market value for energy transition metals is expected to present a $10 trillion investment opportunity in the coming decades, according to a Transition Metals Outlook report and Net Zero Scenario by research firm, BloombergNEF (BNEF). “The energy transition has put a spotlight on raw materials. It presents an opportunity and a responsibility as well,” stated Kwasi Ampofo, Head of Metals and Mining at BNEF. “Responsible mining must underpin the extraction of the resources needed to meet this demand. Mining is the bedrock of the energy transition, hence, the industry must lead the way, by first decarbonizing its own footprint,” added Ampofo. Despite the increased demand however, supply will likely remain constrained due to a lack of investment , depleting reserves, as well as increased country risk toward mining as a result of the global slowdown in the wake of COVID-19 and Russia’s invasion of Ukraine, with resource nationalism and higher resource taxes presenting a barrier to global net-zero ambitions. According to BNEF’s Economic Transition Scenario, the demand for metals used for fossil fuel-based power plants will account […]
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