Net zero will be a bonanza for Australian minerals, says IMF
Oct 13, 2021 – 12.01amWashington | Australia is in pole position to benefit from a sixfold increase in demand for so-called “critical minerals” worth $US12.9 trillion ($17.6 trillion) over the next two decades, driven by the race to hit net zero emissions, according to analysis from the International Monetary Fund.
In its latest World Economic Outlook, the Washington-based multilateral lender projects that a steady 15 per cent increase in its metal price index will bolster Australia’s annual economic growth by 1 percentage point, further strengthening the government’s finances.
Copper is one of four minerals the IMF says will benefit from net zero emissions targets. Glenn Hunt
The IMF specifically selected nickel, copper, lithium and cobalt as the top four energy transition metals likely to see surges in prices and production as the world works towards net zero emissions by 2050.
The four minerals are used as key components in batteries and renewable energies that are crucial in the transition from fossil fuels to low emission electricity.
“Prices would reach historical peaks for an unprecedented, sustained period under the net zero by 2050 emissions scenario. The prices of cobalt, lithium, and nickel would rise several hundred per cent from 2020 levels,” the report said.
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