The CRM Act in a global perspective
Minerals are essential building blocks for clean energy technologies. As the renewable energy industry will grow, demand for minerals will increase accordingly. A 2020 World Bank Report found that the production of minerals would need to increase by 500 % by 2050 to meet the growing demand for clean energy technologies. Especially the anticipated growth of mineral-intensive electrical vehicles will be a driver for demand. Supply of Lithium, an essential mineral in the production of EV batteries, will need to increase a dazzling 57 times by 2050 to meet the projected increase in demand. Moreover, green energy has a strong geoeconomic dimension for the EU: offering a way out of overdependence from autocratic fossil fuel-rich states like Russia. Nonetheless, there remains the risk of becoming more dependent on a handful of mineral-rich states.
(Photo credit: Matthias Möckel from Pixabay)