ING Economics has published a new report in which its experts predict what the energy transition might bring for five key metals: copper, aluminum, nickel, cobalt, and lithium.
Taking into consideration where different regions of the world stand when it comes to moving towards a low-carbon future where global warming is limited to 2 degrees Celsius, ING’s analysts developed three scenarios that they used as a background to assess the possible performance of battery metals.
The ‘fast forward scenario’ represents a world of rapid change towards a more sustainable future, in which technology and policy reinforce each other to phase out fossil fuels and limit global warming to 2 degrees Celsius.
The ‘wait-and-see scenario’ would see the majority of businesses continue to operate as normal, boosting emissions and global warming, which could increase by 3-5 degrees Celsius by the end of the century. The ‘likely tech scenario’ pictures a plausible path for the global energy transition and corresponding metals demand.
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