🌱 Are transition minerals readily available?
With an increase in both the scale and rate of the energy transition, the demand for transition minerals is increasing rapidly. This also means that the exploration for minerals has increased, and that more minerals will need to be mined. There is currently strong competition over the control of the extraction and processing of transition minerals. This has heightened in the aftermath of the Russian invasion of Ukraine in February 2022. The prices for transition minerals skyrocketed in spring 2022. For example, in early March, the price of copper more than doubled on the London Metal Exchange. Similarly, the price for zinc rose close to record high. Moreover, as nickel is needed for the batteries of electric vehicles and Russia is the world's third largest producer of nickel, the demand for nickel on the global market currently exceeds its supply.
🌱 What role does e-waste play in meeting net zero targets?
By reducing and recycling e-waste, the amount of new transition minerals that need to be mined can be reduced. E-waste recycling can meet part of the global demand for transition minerals. Similarly, using and repairing electronic and electrical devices can reduce part of the demand for these minerals. Ultimately, shifting over to an electronics economy that functions in a more circular and sustainable manner plays a key role in the transition to net zero – particularly, as it frees up minerals needed to produce renewable technologies.
Read more about transition minerals here:
- https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions
- https://irena.org/-/media/Files/IRENA/Agency/Technical-Papers/IRENA_Critical_Materials_2021.pdf