$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
UNCTAD: Clean energy systems expected to up copper demand from 23% to 42%
Demand for copper in clean energy systems is forecast to increase from 23% of total demand across all applications to over 42% by 2050, according to UNCTAD calculations based on data from the International Energy Agency.
But if copper’s production continues at its current rate, the burgeoning demand won’t be met, creating a significant gap that needs to be addressed to keep global warming to no more than 1.5°C, in line with the Paris Agreement on climate change.
The global quest for a cleaner energy system has escalated the demand for critical energy transition minerals such as lithium, cobalt, nickel and copper.
These minerals play a crucial role in renewable energy technologies such as solar photovoltaic cells, wind energy, battery storage and electric vehicles.
To meet the increasing demand, countries need to explore new resources abundant in high-grade mineral ores and attract investments into the sector, among other essential measures.
They can use technology and data to identify resources that traditional geologists might overlook and assist miners in determining optimal drilling locations.
“Countries need better data to benefit more from these minerals, while protecting the planet,” said Miho Shirotori, head of UNCTAD’s international trade division.
Many developing countries lack the reliable data needed to attract investments into their undiscovered minerals.
One key solution, first proposed by UNCTAD in 2009 and gaining renewed urgency amid the global energy transition, is the creation of an international network for digitalizing and sharing data to facilitate the discovery of new natural resources.
UNCTAD’s initiative, known as the Natural Resources Information Exchange (NRIE), aimed to create a repository of digital information, focusing on geoscientific historical data.
The initiative previously stalled due to technical gaps in some of the potential beneficiary countries and the complexities of legal frameworks and regulations relating to data ownership, access rights and confidentiality.
UNCTAD is now revamping the initiative with an emphasis on strengthening the capacity of countries to manage their wealth of data.
The new initiative could assist mineral-rich countries in Africa and elsewhere to create their own natural resource data banks to capture the untapped value from geosciences information to optimize natural resource development and management.
These data banks would include a range of digitalized historical mineral data, such as old maps and information on rock formations, mineral composition and geological structures; exploration data comprising drilling results, geophysical surveys and geochemical analysis; production data detailing quantities extracted, grades of ore and production methods; environmental data such as water quality assessment, air quality monitoring and biodiversity surveys.
The initiative would enable developing countries to harness the power of technology to compile and analyze vast amounts of data, empowering them to make informed decisions about their mineral reserves responsibly and inclusively.
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