The transition to clean energy continues to gain traction globally with more countries shifting from fossil fuels to renewable sources of energy like wind and solar in an effort to reduce greenhouse gas emissions. This transition is reliant on critical metals like copper, cobalt, nickel, and lithium, which are crucial components of infrastructure like solar panels, wind turbines, electric cars, and other clean energy tech.
Recently, an International Energy Agency official expressed concerns that the looming copper deficit may impede this transition. Dr. Fatih Birol, the executive director of this agency, discussed this issue during a press conference of the International Summit on the Future of Energy Security.
The conference was held on 24th and 25th April, with representatives of various nations convening in Lancaster House, London. Official partners included SSE, National Grid, Iberdrola, and Urenco. The primary objective was to examine the economic, technological and geopolitical factors impacting energy security at the global and national levels.
During the conference, Birol explained that copper was a crucial mineral required for the transition, arguing that the metal would experience a significant deficit in the next decade. Birol added that other critical minerals would also experience shortfalls from the mining side, which could in turn increase prices and cause the cost of the energy transition to surge.
The aforementioned summit, which was organized in tandem with the UK government, was focused on informing countries that they needed to observe the extraction, refining, and manufacturing of critical minerals if they wanted to successfully transition to using clean energy.
Birol also asked that countries globally adhere to the 2050 deadline for Net Zero as outlined in the Paris Agreement, especially given the risks to securing these crucial metals.
Ed Miliband, the Secretary for Energy and Climate Change of the UK, believes that Net Zero could be achieved and urged that more countries invest in clean energy. Reaching net zero emissions by 2050 will require investments in clean energy to more than triple in the next few years, with greenhouse gas emissions having decreased by 45% by 2030.
Additionally, both Dr. Birol and Mr. Miliband agreed that gas and oil would be needed in the transition, as they still played a crucial role in the energy sector globally. These fuels are essential for different sectors, including electricity generation and transportation.
The International Energy Agency remains committed to mitigating, avoiding, and managing energy supply crises and disruptions.
As enterprises like Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) progress with their efforts to open new copper production sites, the looming supply shortages could be partially mitigated by these new sites that come online.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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