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pledges promise to boost critical mineral demand","cop29-pledges-promise-to-boost-critical-mineral-demand","article/cop29-pledges-promise-to-boost-critical-mineral-demand",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":660,"featured":51,"reporter":661,"_editable":665,"component":666,"seo_title":553,"categories":667,"visibility":683,"author_company":49,"featured_image":684,"seo_description":660,"author_full_name":49,"author_job_title":49,"formattedDate":689,"formattedArticleDate":690},"c156b3a3-0da8-4d6f-b88d-00529e108ef7","2024-12-03 00:00",[560],{"slug":561,"name":562},"cop29","COP29",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,583,588,593,600,605,610,615,630,635,640,645,650,655],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"The 29th UN Climate Change Conference (COP29) wrapped up in the Azerbaijani capital, Baku last week clinching a $300 billion a year climate finance agreement by 2035 to help cope with the adverse impacts of climate change.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"“Many countries were disappointed by the outcome of the COP29 summit,” said Bryan Bille, policy and geopolitical principal at Benchmark. “Experts see this edition as transitional, with the next summit, COP30 in Brazil, deemed far more critical for global climate agreements.”",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"Among the pledges made at this year’s summit, several promised to boost lithium ion battery demand and underscored the vital role of critical minerals for renewable energy technologies, energy storage, and infrastructure expansion. ",{"type":594,"attrs":595,"content":597},"heading",{"level":596,"textAlign":49},4,[598],{"text":599,"type":582},"Scaling energy storage and grids",{"type":577,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":582},"One of the conference’s key commitments was the COP presidency announcing the Clean Energy Storage and Grid Pledge, targeting 1,500 gigawatts (GW) of energy storage (ESS) capacity by 2030—six times the 2022 level. ",{"type":577,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":582},"The emphasis on ESS to support renewable energy generation underscores the central role of critical minerals in the global energy transition – particularly lithium, owing to the primacy of lithium iron phosphate (LFP) cells for ESS applications.",{"type":577,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":582},"Similarly, the commitment to add or upgrade 25 million kilometers of transmission and distribution grids by 2030 will boost copper demand, essential for electrical wiring and grid infrastructure. Expanding energy storage systems (ESS) will ensure the infrastructure needed to support renewable energy and meet net-zero goals.",{"type":577,"attrs":616,"content":617},{"textAlign":49},[618,620,628],{"text":619,"type":582},"However, ",{"text":621,"type":582,"marks":622},"Rho Motion notes that forecasts for 2030 global BESS capacity already stand at approximately 1,600 GW",[623],{"type":624,"attrs":625},"link",{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":627},"https://rhomotion.com/news/rho-motions-key-takeaways-from-cop29-industry-update/","url",{"text":629,"type":582},", making the overall target not overly ambitious.",{"type":594,"attrs":631,"content":632},{"level":596,"textAlign":49},[633],{"text":634,"type":582},"Spotlight on critical minerals",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"The high-level panel underscored the continued support for recommendations by the Panel on Critical Energy Transition Minerals, which was established to address supply bottlenecks, geopolitical risks, and environmental concerns in the mining sector. ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"The panel emphasised that resource-rich developing countries should develop processing capacity to capture greater economic benefits from the energy transition. Several environmental, social, governance (ESG) issues in the ming sector were highlighted – including respect for Indigenous rights and combatting corruption.",{"type":594,"attrs":646,"content":647},{"level":596,"textAlign":49},[648],{"text":649,"type":582},"Green hydrogen expansion",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":582},"Another focus area was scaling up hydrogen production from renewable energy resources. The declaration, announced by the presidency, set the target of producing 1 million tonnes of “green hydrogen” annually via renewable sources, while reducing the 96 million tonnes of hydrogen produced via fossil fuels.",{"type":577,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":582},"The required expansion of renewable energy capacity to support green hydrogen production will further increase the demand for rare earths, platinum group metals, and other critical minerals. ","The 29th UN Climate Change Conference (COP29) wrapped up in the Azerbaijani capital, Baku last week clinching a $300 billion a year climate finance agreement by 2035 to help cope with the adverse impacts of climate change. “Many countries were disappointed by the outcome of the COP29 summit,” said Bryan Bille, policy and geopolitical principal […]",[662],{"slug":565,"name":566,"content":663},{"job_title":568,"image":664,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c156b3a3-0da8-4d6f-b88d-00529e108ef7\", \"id\": \"\"}-->","article",[668,671,674,677,680],{"slug":669,"name":670},"batteries","Batteries",{"slug":672,"name":673},"critical-minerals","Critical Minerals",{"slug":675,"name":676},"geopolitics","Geopolitics",{"slug":678,"name":679},"new-energy","New Energy",{"slug":681,"name":682},"sustainability","Sustainability","private",{"id":49,"alt":685,"name":685,"focus":685,"title":685,"source":685,"filename":686,"copyright":685,"fieldtype":687,"meta_data":688,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/17251f30c9/bm-cop29-1.jpg","asset",{"alt":685,"title":685,"source":685,"copyright":685},"Dec 03, 2024","3rd December 2024",[],[],1792765721681]