Washington | Australia is in pole position to benefit from a sixfold increase in demand for so-called “critical minerals” worth $US12.9 trillion ($17.6 trillion) over the next two decades, driven by the race to hit net zero emissions, according to analysis from the International Monetary Fund.
In its latest World Economic Outlook, the Washington-based multilateral lender projects that a steady 15 per cent increase in its metal price index will bolster Australia’s annual economic growth by 1 percentage point, further strengthening the government’s finances.
The IMF specifically selects nickel, copper, lithium and cobalt as the top four energy transition metals likely to see surges in prices and production as the world works towards net zero emissions by 2050.
The four minerals are all used as key components in batteries and renewable energies that are crucial in the transition from fossil fuels to low emission electricity.
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