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Senate Energy committee meets this morning to talk sourcing and use of minerals for renewable energy. Expecting "all of the above incl. fossil fuels" to trend as subject matter during hearing. Report coming for @CourthouseNews.
@CourthouseNews STORY: Inescapably – and in the face of a rapidly warming planet – the transition from a fossil fuel-based world to one that relies primarily on renewable energy must also involve greater investment in the mining of rare earth minerals.
courthousenews.com/renewable-ener…
courthousenews.com/renewable-ener…
@CourthouseNews Silver, copper, cobalt, nickel, lithium, zinc, indium, praseodymium, terbium, neodymium – all are essential to creating devices relied upon in everyday life, from magnets to medical equipment to the cell phone or computer you are reading this from right now.
But many of those minerals are also key building blocks in the manufacture of green technology such as solar panels, wind turbines and electric batteries.
According to testimony delivered Tuesday, 90% of the lithium in Chile, Argentina and Australia has already been acquired by China through equity stakes in local resources. China is also leading the pack in financing mineral developers.
"Chinese firms have expanded their presence so much that they control 59% of the world’s lithium resources through equity stakes" one expert told Senators.
According to a report by the World Bank, the rush for nations to claim premier spots atop the world’s mineral mine supply chain only intensifies as climate change continues to ramp up temps around the world.
The report forecasted that demand for minerals would grow more than 1,000% if the world’s temperatures shift upward by just another two degrees.
Mining for minerals is admittedly controversial business among environmentalists and politicians alike.
But there may be a way to reach compromise.
Committee members appeared to collectively support an update to the General Mining Act of 1872.
But there may be a way to reach compromise.
Committee members appeared to collectively support an update to the General Mining Act of 1872.
The legislation has not been modified since its inception 147 years ago but a modernized version would feature rules for environmental protections and may even include assurances of royalty payments for Americans when federal hard rock minerals are sourced.
Catch up on the day's hearing with my report here: courthousenews.com/renewable-ener…
