Environmental degradation and climate change are a threat to the world as a whole, which is why countries around the globe are now focused on the green transition. The green transition is the ongoing transition to replace fossil fuels with renewable energy as a way to decrease carbon emissions into the atmosphere. The latest UN Climate Change Conference, which ended on Nov. 12, 2021, included discussions on various topics, such as ways to decrease carbon dioxide emissions around the globe as a way to combat global warming.
The process of reducing carbon in the atmosphere in order to create a carbon dioxide free global economy is known as decarbonization. Various industries, including the automotive and mining industries, will take part in this initiative to decarbonize economies; both industries play crucial roles in their respective spaces.
Experts believe that decarbonization will be an essential driver for metals, which will play a crucial role for future technologies. This is because clean energy technologies, unlike fossil fuel-based technologies, need minerals to operate. This means that the mining industry is set to see a significant rise in the demand for specific metals, which will facilitate the transition to the use of clean energy.
These metals include vanadium, lithium and copper, which are essential, not only to energy generation and storage but also to green technologies as a whole. The metals will be used to produce battery storage, electric vehicles, solar panels, wind turbines and other electronic equipment.
During a webcast, Michael Widmer, a commodity strategist from Bank of America, stated that leaders from an estimated 200 countries were focused on addressing unresolved issues including rules governing climate financing, the international carbon markets and the present status of nationally determined contributions. He explained that the question on whether this most recent climate conference was bad or good depended on previous expectations on what the outcome would be on various controversial topics.
In addition to this, Widmer stated that while Glasgow wasn’t the final stage in the journey to fight against climate change, it was akin to the beginning of the end. He added that he believed the conference kept the objective to limit the temperature increase to 1.5o C alive. Other objectives include adapting to protect natural habitats and communities, and working together to deliver on this.
The COP26 conference was held in Glasgow. The priorities of the summit are to encourage investment in renewables, accelerate the switch to electric vehicles, cut down on deforestation and speed up the phasing out of coal. Needless to say, this boost in demand is likely to benefit players such as Asia Broadband Inc. (OTC: AABB) that specialize in the metals needed during the energy transition.
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