Article by Eric Worrell
“…Current mineral supply meets 10% to 35% of projected demand in 2050…”
McKinsey: Clean energy faces serious mineral supply crisis
Sean Ashcroft
October 25, 2024McKinsey Clean Energy Report Part 1: The mining industry faces long-term supply shortages of critical minerals as clean energy drives soaring demand for feedstocks
Ensuring there are enough critical minerals to support the deployment of low-emissions technologies will require a significant expansion of their extraction and refining, a new McKinsey report says.
Report – The Hard Thing: Navigating Physical Reality energy transition – Emphasizing that the energy transition is still in its early stages, with most regions expected to have achieved only 10% of the required deployment of low-emission technologies by 2050.
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McKinsey said current mineral supply meets 10% to 35% of projected demand in 2050. The assessment is based on the consultancy's “Realized Commitments” scenario, which simulates countries meeting their stated climate commitments.
The authors identify the speed of supply expansion as the main limiting factor. They highlighted the uncertainty surrounding material substitution technologies. The performance impact of alternative materials needs to be evaluated.
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The consultancy predicts nickel demand will grow by 100%. Demand for dysprosium and terbium could increase by 400%. Lithium demand could face a 700% surge.
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Learn more: https://miningdigital.com/sustainability/mckinsey-warns-of-critical-minerals-supply-crisis
Imagine commissioning a trillion-dollar project without examining the logistics. No one could be that stupid.
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