Mining sector needs $1.7 trillion investment for decarbonisation (Photo: AIZAR RALDES/AFP/Getty Images)
Mining companies need to invest an eyewatering $1.7 trillion over the next 15 years to stick to Paris Agreement commitments, according to consultancy Wood Mackenzie.
The decarbonisation investment figure comes as UK mining group Weir released a report today which found that the mining industry uses around 3.5 per cent of global energy.
“Mining needs to become more sustainable and efficient if it is to provide essential resources the world needs for decarbonisation while reducing its own environmental impact,” chief executive of Weir, Jon Stanton, said.
The report, which analysed mine energy data from over 40 published studies, showed that comminution, the process of crushing and grinding minerals, is the biggest user of energy at mine sites.
May 10, 2021
A new report from the consultancy group Wood Mackenzie estimates that mining companies will need to invest nearly $1.7 trillion in the next 15 years to supply enough minerals to fuel the shift to a low carbon world.
It is one of many recent studies that have shown the demand for copper, cobalt, nickel and other metals will be high as countries such as the United States, Canada, Britain and Japan strive to cut carbon emissions and meet climate targets.
Meeting those targets will need large-scale deployment of electric vehicles, storage for power generated from renewables and electricity transmission, all of which require industrial materials, such as lightweight aluminium and metals used in batteries such as cobalt and lithium.
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