The International Energy Agency (IEA) has warned that delays or setbacks in current projects could jeopardize the world’s ability to achieve crucial decarbonization targets. To avoid falling short, the IEA is calling for increased investment in critical mineral projects.
According to the IEA’s analysis, if all planned critical mineral projects around the world are realized, the supply would be sufficient to support the national climate pledges made by governments. However, there is little room for complacency as project delays and technology-specific shortages pose risks to the adequacy of the supply. Additionally, more projects will be needed by 2030 to limit global warming to 1.5 °C.
Rapid investment is crucial due to the lengthy lead time for opening a mine. It typically takes over 16 years from discovery to operations for new mining pits.
Furthermore, the high greenhouse gas emissions from mining present another challenge. Many mines are located in remote areas without access to electricity grids, relying on diesel generators to power equipment. Diesel-powered mining trucks are also common.
Some mining companies, like Australia’s Fortescue, are supporting the development of electric trucks powered by solar panels. However, these initiatives have yet to be implemented on a large scale.
Last month, plans were announced for Britain’s first commercial lithium mine. The aim is to supply enough metal to meet the demand for 500,000 electric cars annually.
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