Mining companies need to invest nearly $1.7 trillion in the next 15 years to help supply enough copper, cobalt, nickel and other metals needed for the shift to a low carbon world, according to consultancy Wood Mackenzie.
The United States, Britain, Japan, Canada and others raised their targets on cutting carbon emissions to halt global warming at a summit in April hosted by U.S. President Joe Biden. read more
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.
Wood Mackenzie analyst Julian Kettle calculated miners needed to invest about $1.7 trillion during the next 15 years to “deliver a two-degree pathway — where the rise in global temperatures since pre-industrial times is limited to 2°C”.
For the rest of this article: https://www.reuters.com/business/energy/low-carbon-world-needs-17-trillion-mining-investment-2021-05-10/