Contemporary policy rhetoric, including last week’s presentation by the federal minister of natural resources, Jonathan Wilkinson, suggests we are on the verge of a great energy transition away from fossil fuels toward cleaner, renewable sources of electric energy. Electric vehicle mandates and fuel efficiency regulations are expected to lead to widespread adoption of electric cars in the coming decade.
from the International Energy Agency highlights the minerals most needed for the coming transition. Among them are lithium, nickel, cobalt, manganese, graphite, copper, and aluminium. These seven represent the backbone of contemporary electrical technology.Article content The IEA estimates production of lithium will have to rise more than 13-fold to satisfy national electrification and emissions goals currently in place for 2040. For fully sustainable clean renewable energy, that number balloons to more than 42 times current lithium production. For graphite, an eight-fold increase is needed to meet stated 2040 policy goals, but 25-fold for full sustainable development, with cobalt requiring six-fold and 21-fold increases, respectively.
This need for such big shifts raises several questions about the future of mineral development.
That doesn’t preclude Canada from participating in mining growth, however. Of the US$165 billion that Chinain mining between 2005 and this year, 44 per cent was in Africa, the Caribbean and Latin America. Canadian capital, labour and know-how can participate in the coming boom in these critical minerals but much of the required effort will take place abroad.Article content