Nickel is part of the New Oil...Batteries! countries and how much of their own energy they can generate domestically, according to BP.
“Most importantly, the desire of countries to bolster their energy security by reducing their dependency on imported energy – dominated by fossil fuels – and instead have access to more domestically produced energy – much of which is likely to come from renewables and other non-fossil energy sources – suggests that the war is likely to accelerate the pace of the energy transition,” wrote Dale.
The future for natural gas will depend on how fast the global energy markets decarbonize and how much economic growth comes from emerging economies, the report says. These two forces will tend to push against each other.
Overall, demand for electricity will surge both because emerging economies will demand more electricity and because efforts to mitigate global warming will accelerate demand for purposes such as transportation and heating and cooling buildings. In all of the scenarios BP mapped out, electricity demand will increase by 75 percent by 2050, according to BP.
Meeting the changing needs of global energy demand will require scaling up of carbon capture technology, wind and solar facilities, batteries, hydrogen, CO2 pipelines, and new energy storage capacities. All of this will increase demand for minerals like lithium, copper and nickel.