Energy Evolution
Finding the metals critical to an energy transition
Aug 3, 2023
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.
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Quick takeaways
- 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.
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