As the planet reaches unprecedented climatic milestones, 2023 has now been recorded as the warmest year on Earth. The impacts of climate change are increasingly undeniable, and the urgency for decarbonization efforts by governments and corporations has never been more critical.

A recent study from Imperial College London suggests that without drastic reductions in carbon emissions, we have only a 50% chance of limiting global warming to 1.5°C by 2030. This stark reality underlines the pressing need to accelerate efforts to reduce our carbon footprint.

The Demand for Green Metals in Clean Technology

Meeting our global climate goals requires a vast supply of minerals essential for green technologies, from electric vehicles (EVs) to renewable energy. The International Energy Agency (IEA) reports that EVs, which rely on battery-heavy systems, require up to 173 kg more minerals—like nickel, zinc, and copper—than traditional gasoline cars. The boom in green technology is driving demand for critical minerals, highlighting the need to rapidly scale up mining operations.

Government policies around the world are fostering this growth in clean technology. For example, India’s “Faster Adoption and Manufacture of Hybrid and Electric Vehicles” initiative has been pivotal in encouraging EV and hybrid vehicle purchases, fueling an impressive 60% increase in global EV sales in 2022 alone. The demand for green technologies is expected to keep rising as government support and consumer demand grow.

Scaling Up for the Future: The Critical Role of Metals in Net Zero Goals

Transitioning to renewable energy and clean technology will require vast quantities of metals. The IEA projects that demand for critical metals like copper and aluminum will surge by up to 400% by 2040. To achieve net zero targets, we need 9.7 million metric tons of new copper over the next decade, and annual aluminum demand could rise to as high as 16 million metric tons by 2040.

However, current mining production cannot keep pace with projected demand. A recent report by McKinsey indicates a significant gap between future demand and available supply for key minerals, such as copper and nickel, underscoring the need to boost production to meet our climate commitments.

Navigating Regulatory Challenges

Despite the shared global goal of combating climate change, regulatory policies remain fragmented, creating supply chain challenges for critical minerals. The U.S. Inflation Reduction Act, Australia’s Critical Minerals Strategy, and the European Union’s Green Deal Industrial Plan are just a few examples of policies that illustrate the fragmented regulatory landscape. The IEA has cataloged nearly 200 policies worldwide, with over 100 enacted in the last few years, many of which include restrictions on the import and export of critical minerals.

This complex regulatory environment underscores the need for cooperative efforts among governments, mining companies, and industries to ensure a stable supply of minerals for green technologies. This collaboration is essential to achieve our climate goals while navigating a fragmented policy landscape.

India’s Commitment to Sustainable Growth

India, while home to 17% of the world’s population, contributes less than 4% of global emissions. Guided by the principle of “One Earth, One Family, One Future,” India is committed to balancing economic growth with environmental responsibility. India’s focus on energy transition and sustainable resource use highlights its leadership in tackling climate change and minimizing emissions.

Towards Sustainable Mining

To protect our planet, mining processes must undergo significant transformation. Decarbonizing the mining industry is crucial to deliver the minerals needed for a green transition without compromising on environmental, social, and governance (ESG) standards. As UN Secretary-General António Guterres emphasized, this energy transition must be “sustainable, fair, and just.”

The industry’s commitment to high environmental standards is non-negotiable, as mining companies and governments must work together to protect local communities and respect their needs. Public-private partnerships, like India’s Green Credit initiative, demonstrate innovative approaches to fostering sustainable practices in mining, from extraction to distribution.

A Call to Action for a Sustainable Transition

To secure a sustainable future, the mining industry must prioritize sustainability in delivering these essential metals, ensuring that the transition is both efficient and environmentally responsible. By working together, governments, industries, and communities can create a pathway that safeguards our planet for future generations.