Mining Critical to Climate Change Targets

Many of the actions needed to achieve global net zero targets by the middle of this century, whether it is reducing the use of fossil fuels, building more renewable energy infrastructure or switching to electric vehicles, will place a huge demand on mineral raw materials.

Achieving climate change targets just won’t be possible without the global mining sector and the essential minerals it provides.

Five-fold increase in metals needed

It’s widely accepted that if the world is to successfully transition to renewable energy and deliver a new Green Industrial Revolution then the supply of metals will have to increase. A recent study by the World Bank titled "Minerals for Climate Action" found that demand for silver is expected to increase by more than 300% and copper by 200% by 2050. Some have suggested that to achieve the Paris Agreement target of just a 1.5°C or lower increase in global temperatures, there will need to be a five-fold increase in the supply of many common metals. Demand for some metals which are integral to renewable technologies is expected to surge.

A key question for government, businesses and consumers is: Where will these metals come from?

Underpinning a greener future

The Institute of Geologists of Ireland (IGI) couldn’t be clearer about why we need to think strategically about where we source our minerals: “Currently, Europe has to import more than 75% of almost all metals, and up to 100% of some critical minerals. With that comes certain supply risks, such as higher prices that could have an adverse impact on the economy in the event of a serious trade dispute or disruption.”

This statement has already been proven. We just have to look at the long waiting lists for electric cars and the hike in prices. Relying on imports puts us in a vulnerable position. We’ve been putting our heads in the sand; more should have been done about this issue before now. How can we be content for mining to take place in faraway countries, which often have poor environmental standards and working conditions? Not to mention the carbon footprint of importing these raw materials.

The IGI conclude that “More mining in Europe would ensure it takes place under environmentally and socially sound conditions while making the economy more resilient.” Europe has rich mineral deposits that could help meet some of the supply chain demands.

How will the UK Critical Minerals Strategy help? 

After recent global events, it’s now more crucial than ever that UK supply chains are made more resilient to help support our industries, jobs and deliver on the transition to the green economy. To help address these issues, the UK government launched its first ever Critical Minerals Strategy earlier this year. The strategy aims to ensure that minerals needed for the future are available in the quantities needed, extracted responsibility, and supported by well-functioning and transparent markets.

 The strategy aims to achieve these goals through a new A-C-E approach.

·         Accelerate growth of the UK’s domestic capabilities

·         Collaborate with international partners

·         Enhance international markets to make them more responsive, transparent and responsible.