Selected critical metals for a low-carbon future

Malala N. Ojiambo () and Tsuyoshi Adachi
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Malala N. Ojiambo: Looop Inc
Tsuyoshi Adachi: Akita University

Mineral Economics, 2023, vol. 36, issue 3, No 11, 519-534

Abstract: Abstract Renewable energy and related technologies, such as electric vehicles, are vital to limiting climate change, but they also require more mineral resources, both in variety and quantity. As mining and processing these mineral resources is associated with geopolitical and environmental risks, it is vital to determine which of the essential minerals' resources are relatively more vulnerable to supply risks. Our study refers to these metals as critical metals. Using the STELLA software, we developed a dynamic system to determine the supply and demand trends of specific metals needed for seven low-carbon technologies. Transitioning to a low-carbon future will likely increase mineral production considerably, but REEs, lithium, cobalt, and copper can all be considered critical metals when considering a low-carbon future. Although metal consumption will increase, metal reserves will not constrain the shift toward a low-carbon future, despite some metals being critical.

Keywords: Renewable energy; Low-carbon future; Critical metals; STELLA software; Dynamic system model (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s13563-023-00383-1

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