So, it’s not OK to mine for oil, coal, and natural gas, but, it’s fine to create massive environmental messes, often with the use of child labor, for Net Zero?
Current levels of metals needed to decarbonize economies won’t be sufficient to reach climate targets, a recent Bank of America (BAC) note cautioned, and investment in mining needs to double by 2050 in order to satisfy the growing demand for low carbon technologies.
“Raw material markets are tight already and will likely get tighter going forward,” the analysts wrote. “Based on the current resource endowment and market balances, we don’t expect the 1.5°C global warming target to be achieved by 2050: 1.7-1.8°C looks likely. One solution to resolving shortages and constraints, as ever, lies in investment.”
The cost of shifting from fossil fuels to low carbon alternatives won’t be cheap, the note stated, citing UN estimates that adoption will cost developing countries alone $140-$300 billion per year by 2030.
“To prevent metal shortages and achieve net zero, mining [capital expenditure] needs to nearly double,” the analysts stated.
Due to the urgent nature of addressing the climate crisis, returns could be sizable. Using somewhat simplified calculations, the analysts suggested “the return on mining investment could be an impressive +94- 317%.”
Who’s going to pay for this? That’s right, you! Bet the climate cultists didn’t see that coming. Or that a bunch of bankers, investors, and rich folks are going to make more money off your suffering.
Although many of the technologies needed to achieve net-zero targets have been developed, scaling these technologies will require vast amounts of minerals and metals relative to current levels. Between 2020 and 2030, for instance, the analysts contend that nickel demand could grow by 40% while lithium demand could increase by 38%.
In other words, it appears that demand will outstrip supply unless mining capacity increases — and that supply-demand imbalance could impact how rapidly decarbonization occurs.
Which would seriously drive up the price.
But scientists warn there will be an environmental price to pay for this drive to create a world powered by green technology. Prospecting for the materials to construct these devices, then mining them, could have very serious ecological consequences and major impacts on biodiversity, they say. (snip)
Metals such as lithium and cobalt provide examples of the awkward issues that lie ahead, said Herrington. Both elements are needed to make lightweight rechargeable batteries for electric cars and for storing power from wind and solar plants. Their production is likely to increase significantly over the next decade – and that could cause serious ecological problems.
In the case of cobalt, 60% of the world’s supply comes from the Democratic Republic of the Congo where large numbers of unregulated mines use children as young as seven as miners. There they breathe in cobalt-laden dust that can cause fatal lung ailments while working tunnels that are liable to collapse.
Good job, Warmists
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