Fortune Minerals Ltd T.FT

Study quantifies CM supplies needed to reach EU climate goal

[Allman]

... The [EU] energy transition will also require far greater annual supplies of ... cobalt (330%), all essential to Europe’s plans for producing the electric vehicles and batteries, renewable wind, solar and hydrogen energy technologies, and the grid infrastructure needed to achieve climate neutrality. 
... But Europe faces critical shortfalls in the next 15 years without more mined and refined metals supplying the start of its clean energy system.
... The study says that by 2050, Europe’s  plans for producing clean energy technologies will require annually: ... 60,000 tonnes of cobalt (330%)
 ... According to the study, Europe could face problems around 2030 from global supply shortages for five metals especially: lithium, cobalt, nickel, rare earths, and copper.
... “Europe needs to decide urgently how it will bridge its looming supply gap for primary metals. Without a decisive strategy, it risks new dependencies on unsustainable suppliers”.
... The study recommends that Europe link with proven responsible suppliers managing their environmental and social risks, questioning why the bloc has not yet followed other global powers like China in investing into external mines to drive ESG standards directly.
... “A paradigm shift is needed if Europe wants to develop new local supply sources with high environmental and social protections. Today we don’t see the community buy-in or the business conditions for the continent to build its own strong supply chains. The window is narrowing; projects really need to be taken forward in the next two years to be ready by 2030”. 


https://www.eurekalert.org/news-releases/949848