McKinsey Report: Large Net Zero Mineral Supply Shortfall

From Watts Up With That?

Essay by Eric Worrall

“… current mineral supply meets between 10 and 35% of projected 2050 requirements …”

McKinsey: Clean Energy sees Critical Minerals Supply Crisis

By Sean Ashcroft
October 25, 2024

McKinsey clean energy report part 1: Mining faces long-term critical minerals supply shortfall as demand soars for raw materials to fuel clean energy drive

Ensuring sufficient critical minerals are available to support the deployment of low-emissions technologies will require significant scale-up of their extraction and refining, a new McKinsey report says.

The report – The hard stuff: Navigating the physical realities of the energy transition – stresses how the energy transition is in its early stages, with only an estimated 10% of required deployment of low-emissions technologies by 2050 achieved in most areas.

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McKinsey says current mineral supply meets between 10 and 35% of projected 2050 requirements. This assessment comes under the consultancy’s Achieved Commitments scenario, which models countries meeting their stated climate pledges.

The authors identify supply expansion speed as a primary constraint. They highlight uncertainties around material substitution technologies. Performance impacts of alternative materials require evaluation.

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The consultancy forecasts nickel demand will increase by 100%. Dysprosium and terbium requirements could expand by 400%. Lithium demand faces a potential 700% surge.

…Read more: 

https://miningdigital.com/sustainability/mckinsey-warns-of-critical-minerals-supply-crisis

Imagine commissioning a trillion dollar project without checking the logistics. Surely nobody could be that stupid.