Efforts to move the world toward net-zero carbon emissions by 2030 face a threat from surging prices of key metals needed for the solar panels and batteries that make and store energy, the International Monetary Fund (IMF) said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 10th November, 2021) Efforts to move the world toward net-zero carbon emissions by 2030 face a threat from surging prices of key metals needed for the solar panels and batteries that make and store energy, the International Monetary Fund (IMF) said on Wednesday.
"A resulting surge in prices for materials such as cobalt and nickel would bring boom times to some economies that are the biggest exporters - but soaring costs could last through the end of this decade and could derail or delay the energy transition itself," the IMF said in a press release.
For example, lithium, used in batteries for electric vehicles, could rise from its 2020 level around $6,000 a metric ton to about $15,000 late this decade - and stay elevated through most of the 2030s. Cobalt and nickel prices would also see similar surges in coming years, the release said.
The release said the IMF examined demand for four metals - copper, nickel, lithium and cobalt. It cited recent projections by the International Energy Agency predicting a more than six-fold jump in demand for of lithium and cobalt, along with a doubling for copper and a four-fold increase for nickel.
