Countries rich in green metal resources set to gain
The International Energy Agency, IEA, estimates that the green metal market size, including metals like nickel and cobalt, will grow sevenfold by 2030.
Low-carbon technologies are emerging as a major contender in the race toward managing climate change. This green revolution for a sustainable future drives the global renewable energy market, which is projected to grow by 8.4% a year between 2021 and 2030, to reach almost US$2 billion.
The move to cleaner energy has heightened the demand for raw materials, including many minerals and metals. An example is storage batteries that need metals like nickel, cobalt, and lithium. The recent move towards sanctions against Russia will potentially lead to winners among non-Russian exporters of these metals.
This presents mineral-rich countries, including many in Africa, with the opportunity to grow their economy, develop their infrastructure and train their people. However, these countries will also need to put in place policies to safeguard local communities and the environment from exploitation.
How can resource-rich countries grow their green metal mining sectors in a sustainable way?
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