The material cost of clean energy
The physical infrastructure of the future requires extracting vast quantities of metal from the earth. The United Nations Conference on Trade and Development projects that between 2024 and 2040, the clean technology sector’s share of global nickel demand will increase from 17% to 42%.
This shift is not limited to a single metal. Across all critical minerals, the clean technology industry’s share of total demand is forecast to rise from 28% in 2024 to 41% by 2040. The driver of this consumption is the density of materials required to replace fossil fuels. Global X ETFs calculates that electric vehicles require six times more minerals than vehicles with traditional internal combustion engines. Similarly, wind and solar power installations are six to thirteen times more mineral intensive than natural gas power plants.
Source institutions：UN Trade and Development
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