UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
The ‘greening’ of the mining industry – a stepping stone towards net zero
20/3/2024
8 min read
Tackling the looming supply squeeze for minerals is pivotal to achieving net zero. But a multi-faceted, often challenging, road lies ahead, explains Michelle Meineke.
Using supersized diggers to gouge tonnes of virgin rock from the earth may not seem synonymous with a greener future, yet they are intricately linked. The minerals harvested from mined rock are core ingredients to enable the global transition towards a greener future – the energy industry’s biggest overhaul yet. Solar panels, wind turbines, electric vehicles (EVs) and batteries are among the workhorses required to make net zero a reality worldwide.
What was once a niche part of the mining ecosystem is now moving more centre stage. The market size for key energy transition minerals has doubled over the last five years, reaching $320bn in 2022, according to the International Energy Agency (IEA) – similar to the market for iron ore mining. The financial clout behind energy transition minerals is also climbing fast. Despite headwinds in the wider venture capital sector, critical minerals start-ups raised a record $1.6bn in 2022, marking a 160% year-on-year increase.
Plus, the Inflation Reduction Act (IRA) in the US – the largest climate investment in the nation’s history – will likely propel appetite in energy transition minerals from what is already a significant investor. That the IEA released its inaugural Critical Minerals Market Review last year also reflects how buy-in across the energy sector has turned a corner.