Visualizing All the Metals for Renewable Tech
by Nicholas LePen (Elements Visual Capitalist) Visualizing the Metals for Renewable Tech
The energy transition will be mineral intensive and create massive demand for all the metals in renewable tech. Electricity from renewable technology grew at the fastest rate in two decades in 2020, according to a report from the International Energy Agency (IEA).
Consequently, as the pace of the energy transition gains further momentum, the demand for metals will increase. But which ones?
As shown (below), the graphic takes data from the World Bank’s Climate Smart Report outlines what metals each renewable technology will require and their overlapping uses.
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All the Metals for Renewable Tech
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Limited Resources, High Prices
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In fact, the mining industry needs to invest $1.7 trillion over the next 15 years to supply enough metals for renewable tech, according to consultancy Wood Mackenzie.
However, the mining industry is not ready to support an accelerated energy transition. While there are a host of projects at varying stages of development, there are many risks that could increase supply constraints and price volatility:
- High geographical concentration of production
- Long project development lead times
- Declining resource quality
- Growing scrutiny of environmental and social performance
- Higher exposure to climate risks
In addition, some nations are in a better position than others to secure the metals they need for renewable technologies. Attaining these new sources will be vital and valuable for a clean energy future. READ MORE
Race to Net Zero: The Pressures of the Battery Boom in Five Charts (Bloomberg)
Excerpt from Bloomberg: But metals could soon become the new oil in the road transport sector, underpinning the batteries that will power the electric vehicle revolution.
As demand continues to grow, battery producers and automakers are scrambling to secure access to key metals such as lithium and nickel, battling high prices and tight supply.
Here are five charts from BloombergNEF showing the pressures arising from the battery boom.
1. Soaring demand comes up against supply constraints
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2. Trouble ahead for lithium
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3. Higher battery costs could delay the tipping point for EVs
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4. Cheaper battery chemistries could become more popular
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5. Efforts to build domestic supply chains won’t eliminate dependence on China READ MORE