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Highlights
- Engineers across the whole world are trying their best to get the most out of the minerals to reduce greenhouse emissions.
- Saudi Arabia is hosting The Future Minerals Summit (FMS) in Riyadh on January 11-13.
- The demand for metals is expected to double as countries take up solar and wind projects to meet the Paris Agreement commitments.
The urgent need to reduce global carbon emission has put the mining industry in action. The link between low carbon energy transition economy and the mining industry is no more a rocket science as engineers try their best to make the most from minerals to reduce greenhouse emissions.
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The burgeoning demand for metals, used in various high-tech renewable energy harnessing equipment and electric vehicles, has forced everyone to explore the sector to capitalise on. Experts believe that the international mining industry is going through its most significant stage as the world is transitioning from conventional fossil fuel energy to a low-carbon energy system. It will be quite interesting to see how the carbon-emitting mining industry adapts and empowers the world in providing low-carbon energy.
Saudi January Summit
Saudi Arabia has made a commendable job to attract the mining industries to its mainland for investment in the sector. The country will host The Future Minerals Summit (FMS) in Riyadh on January 11-13.
Source: © Andreus | Megapixl.com
At the event, business leaders and politicians from across the globe will discuss the issues faced by the global mining industry. More than 150 mining companies are expected to take part in this gathering.
The summit will also help to identify a new mining center in Central Asia, North Africa, and the Middle East, with an emphasis on the Arab shield zone which enjoys exceptional potential, infrastructure, and strategic location present in the proximity of major commercial markets.
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Metals driving the renewables race
The world is preparing to meet 2050 carbon emission reduction commitments as per the Paris Agreement. The International Energy Agency (IEA) estimates the energy share from renewables to increase from 14-44% to meet the Paris Agreement goals.
Source: © Allexxe | Megapixl.com
The demand for metals is expected to be double in the solar and wind sector to meet the 2° scenario, while the demand from the energy storage battery sector is expected to shoot by a staggering 1,000%, as per the World Bank's recent study.
However, there is also an issue of climate impacts in mining metals. Extraction, mining, transportation, and other mining-related processes generate a significant amount of greenhouse emissions that could impact the Paris Agreement commitments. The world is eagerly waiting to see how the industry will boost the share of renewables without harming the environment.
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Bottom Line
The Future Minerals Summit (FMS) in Riyadh could uncover answers to some of these pressing questions. It is to be seen as to how the mining industry will adopt renewables to reduce the impact caused by mining activities.