Finding the metals critical to an energy transition
Aug 3, 2023
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Kwasi Ampofo, Head of metals and mining at Bloomberg NEF, discusses the readiness of global economies to boost critical mineral supply. The report ranks countries based on factors like sector strategy, political stability, talent, and environmental and social frameworks. BNEF places Australia, Canada, and China on the top. The podcast also explores the importance of metals like lithium, nickel, copper, and aluminum in an energy transition and discusses challenges in resource extraction, updating US mining laws, and China's dominance in the metals and mining space.
Countries like Australia, Canada, and China are leading in expanding the supply of energy transition minerals due to their effective sector strategies and credible environmental impact statements.
Streamlining the regulatory and permitting process is crucial for the United States to improve its mineral supply growth and compete in the global energy transition market.
Deep dives
Demand for Minerals in Clean Energy Technologies
The International Energy Agency (IEA) reports that the demand for minerals like lithium, cobalt, nickel, and copper has doubled in size over the past five years due to the increased deployment of clean energy technologies. The energy sector's demand for lithium, for example, tripled from 2017 to 2022. The IEA also highlights a 30% increase in overall investment in critical mineral development last year. To meet this growing demand, countries like Australia, Canada, and China are taking the lead by developing strategies and increasing their mineral supply.
Ranking Readiness of Economies for Boosting Critical Mineral Supply
The podcast episode discusses a report by Womburg NEF that ranks the readiness of 10 economies to expand the supply of energy transition minerals. Australia and Canada are ranked highest due to their effective sector strategies and credible environmental impact statements. On the other hand, countries like Indonesia and the Democratic Republic of Congo, rich in nickel and cobalt respectively, rank lower due to various factors. The report emphasizes the importance of factors such as sector strategy, political stability, talent development, and environmental frameworks in ensuring successful mineral supply growth.
Challenges and Opportunities for Metal and Mineral Extraction
The podcast delves into the challenges and opportunities surrounding metal and mineral extraction for the energy transition. It highlights the importance of reserves as a limiting factor, along with the need for political stability and effective mining policies. Streamlining the regulatory and permitting process is specifically identified as a key improvement area for the United States. The podcast also emphasizes the significance of addressing environmental, social, and indigenous relations in the mining industry. Additionally, it discusses China's dominant position in the supply chain and the potential for countries to capture market share through cost reduction, technological advancements, and global partnerships.
In this episode of Energy Evolution, we discuss where we will find the metals and minerals necessary for the energy transition. Our guest is Kwasi Ampofo, head of metals and mining at Bloomberg NEF and the lead author of the company's recent Energy Transition Metal Production Scores report.
The report ranks the readiness of global economies to boost the production of minerals such as as lithium, copper, graphite and more. Kwasi explains the report ranks the readiness of 10 countries to boost critical mineral supply based on factors such as sector strategy, political stability, talent, and environmental and social frameworks.
BNEF placed Australia, Canada and China on the top of this year’s ranking.
Energy Evolution co-hosts Dan Testa and Taylor Kuykendall are veteran journalists with broad expertise covering the energy and mining sectors. In addition, Camellia Moors and Camilla Naschert, reporters who write about mining and power issues, are correspondents for Energy Evolution and regularly contribute to the show. Subscribe to Energy Evolution on your favorite platform to catch our latest episodes!
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