Essay by Eric Worrall
“… the current mineral supply covers between 10 and 35% of the forecast demand for 2050 …”
McKinsey: Clean Energy sees supply crisis for critical minerals
By Sean Ashcroft
October 25, 2024
McKinsey report on clean energy, part 1: Mining faces a long-term supply shortage of critical minerals as demand for raw materials to support clean energy increases
Ensuring there are enough critical minerals available to support the deployment of low-emission technologies will require significant expansion of their extraction and refining, a new McKinsey report says.
The Report – The Hard Things: Navigating the Physical Realities of the Energy transition – emphasizes that the energy transition is still at an early stage and in most areas only an estimated 10% of the required deployment of low-emission technologies will be achieved by 2050.
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According to McKinsey, current mineral supplies meet between 10 and 35% of projected demand for 2050. This assessment is made as part of the consultancy's Achieved Commitments scenario, which models countries that are meeting their stated climate promises.
The authors identify the speed of supply expansion as the main obstacle. They draw attention to uncertainties associated with material substitution technologies. The impact of alternative materials on performance needs to be evaluated.
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The consulting firm predicts a 100% increase in nickel demand. The demand for dysprosium and terbium could increase by 400%. Lithium demand faces a potential 700% increase.
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Read more: https://miningdigital.com/sustainability/mckinsey-warns-of-critical-minerals-supply-crisis
Imagine commissioning a trillion-dollar project without considering the logistics. Surely no one could be that stupid.
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