The mining industry faces 'considerable challenges' meeting larger-than-expected demand for copper, nickel and other electric vehicle metals fueled by a US climate law, S&P Global said in a report on Tuesday, ahead of the legislation's one-year anniversary. The landmark US Inflation Reduction Act offers tax breaks for EVs, solar panels and other renewable energy products made from metals extracted in the United States or countries with U.S. free trade deals. Metals from 'foreign entities of concern' including China, Russia, North Korea and Iran will be banned in 2025. That has sparked a race among manufacturers to lock down supply.
The mining industry faces "considerable challenges" meeting larger-than-expected demand for copper, nickel and other electric vehicle metals fueled by a US climate law, S&P Global said in a report on Tuesday, ahead of the legislation's one-year anniversary.
"The energy transition is really heating up the pressures on mineral supplies, and the IRA is adding a lot to those challenges,"By 2035, demand for lithium, nickel and cobalt is expected to be 23 times higher than in 2021, with copper demand doubling over the same period, the study found. All of the metals are widely used in EVs and other electronics.
"The IRA is working as intended, as a magnet for investment," said Yergin, the energy historian and host of the annual CERAWeek energy conference. S&P warned last year that efforts to reach carbon neutrality by 2050 - the central aim of the Paris Climate Accords often described as "net zero" - are likely to fall short as copper supply fails to match demand.
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