The article in the url below provides an interesting perspective on the extraction industries – especially comparing the raw materials of the past with those of the present and future:
"The mining industry is currently one of the most significant contributors to planet-warming emissions – but it's on track to become one of the most important sectors for a net-zero future."
A feature of the mining of the future is that overall demand will increase (e.g., "Annual demand for energy-transition metals will grow fivefold by mid-century from 2023 levels"), but the amount of materials extracted from the ground is predicted to decrease:
"Specifically, we'll need almost no coal – which still contributes significant revenues to mining companies. In fact, all the refined metals needed to reach net zero by 2050 will add up to less than the amount of coal mined in 2023 alone, according to think tank Energy Transitions Commission."
This graphic accompanying the article presents this contrast in stark comparison:
Part of the reason for this phenomenon is that the recyclable rates of the non-coal raw materials is much higher. There are other qualifiers:
"It's worth noting these figures do not include the full weight of extracted ore, which often contains a small concentration of metal. The figures also don't show the weight of extracted oil and gas. This is important because, all combined, fossil fuel taken out of the ground today still outweighs mined ores."
I have not often seen the extraction industry discussed in terms of a positive contribution to a sustainable future.
Take care
David
David Chandler
© Sage Publications, 2023
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Net Zero Needs More Metals, But Less Extraction From The Earth
By Akshat Rathi
September 10, 2024
Bloomberg
