At-a-Glance:
The worldwide push to achieve net-zero carbon emissions by 2050 will require advances in green technologies – particularly tech associated with renewable energy – but simply waiting for future tools to emerge isn’t a viable solution to climate change. To learn more, read “Switching to renewable energy is sometimes dirty. Tech like blockchain can help.” Reading this article may require a subscription from the news outlet.
Key Takeaways:
- According to McKinsey, electricity will occupy 30% of the global demand for power by 2050 – up from 19% today. The International Energy Agency expects renewables to generate 80% of global electricity demand within the next decade, as the cost of renewable generation plummets below the cost of fossil fuels.
- “Clearly, there’s a great danger that we simply replace a hydrocarbon-based economy…with a metal economy,” says Robert Lee, professor of law at the University of Birmingham in the U.K., referring to the metals that are required to make batteries, such as lithium. Mining those metals is a polluting process itself, and properly disposing of batteries at the end of their shelf life is a looming issue.
- Digital technologies can help address the challenges involved in switching to renewable energy and electricity. For example, the European Union passed legislation requiring battery manufacturers to stamp battery units with a digital “passport” tag so the battery can be traced through its lifetime.
- Energy saved by efficiencies introduced through digitalizing will offset the energy consumed by digitalization. This would come through actions like energy suppliers using remote sensors and AI oversight to monitor power demand and distribute electricity efficiently.
Path to 100% Perspective:
The average estimated life of a Lithium-Ion battery is about two to three years or 300 to 500 charge cycles, whichever happens first. Lower costs and increased spending on renewables are driving deeper penetration of renewable energy around the globe. Renewables will certainly play an integral role in powering mining operations because of the benefits they offer in terms of cost and sustainability. Economically it makes sense. The levelled cost of electricity (LCOE) is lower than ever, and renewables are becoming increasingly cost-effective as organizations seek efficiencies and breakthroughs.
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