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Metal prices to increase with growing demand in coming years: World Bank

- Demand for metals for renewable energy infrastructure and electric vehicles likely to increase in near future, pushing metal prices up

home > Renewable, Invesments, Renewable, Europe, Asia 13.05.2022 10:57 Zeynep Beyza Karabay

Metal prices to increase with growing demand in coming years: World Bank

The World Bank reported on Thursday that both demand and prices for metals are forecast to increase in the coming years due to the global energy transition.

Global commodity markets were reshaped as a result of the COVID-19 pandemic, the war in Ukraine and the effects of climate change, the bank said in its latest report, while warning that these changes could have profound effects on developing economies.

Demand for some commodities is likely to increase but growth in overall global demand for commodities is expected to slow as population growth slows and emerging economies mature, the report said.

The bank acknowledged that the transition to cleaner energy could be challenging, with demand for metals needed to build renewable energy infrastructure and produce electric vehicles likely to increase in the coming years.

This tranistion, in turn, will raise the prices of metals while providing unexpected gains for exporting countries.

Prices of these metals may remain high in the long term, but will depend on the speed of the energy transition, the volume of mining capital investment, environmental constraints on these industries and policy measures and incentives.

The critical metals in the energy transition include; red metal, copper and aluminum used in wind turbines, solar panels, grid connections, electric vehicles and charging infrastructure.

Steel alloys such as chrome and iron ore, battery metals such as nickel, lithium and cobalt, as well as rare earth and aluminum alloys and platinum group metals are considered other crucial metals.

The report said that although renewable energy is fast becoming the lowest-cost energy source in many countries, fossil fuels will remain 'attractive' especially in countries with ample local reserves.

The report noted that an organization similar to the International Energy Agency, focusing on metals and minerals, should be established to assist data collection and analysis and encourage policymakers to provide a favorable policy environment for adequate investment in metals production to avoid future deficits.

Reporting by Dilara Zengin

Writing by Zeynep Beyza Kilic

Anadolu Agency

energy@aa.com.tr



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Turkiye's first floating offshore wind energy modelling study to help unearth new potential

- Study conducted by Izmir Institute of Technology aims to produce unique design for use in Turkiye's seas in coming years
02.02.2022 Renewable , Wind , Projects , Turkey

Swedish Vattenfall, Fred. Olsen Seawind win rights for floating offshore wind in Scotland

- Project, with expected capacity of up to 798 megawatts, will provide enough power for over 700,000 UK homes
19.01.2022 Finance , Wind , Europe

Equinor, bp sign deal for offshore wind projects in New York

-Once completed, project will enable to power about 2 million New York homes and generate more than $1 billion in economic activity for city
17.01.2022 Wind , Europe

Turkiye's climate decisions this year to pave road for 2053 net zero target

- First and most effective step to set strong roadmap is through declaration of coal phase-out strategy, experts concur
13.01.2022 Renewable , Turkey

Turkiye opens Europe's 1st carbon-negative integrated biorefinery facility

- Facility to produce different value-added products for energy, health, food, agriculture and animal husbandry sectors
08.01.2022 Renewable , Turkey

Turkey sees largest wind capacity increase in history in 2021

- Wind power additions account for half of overall electricity capacity increases last year
05.01.2022 Finance , Wind , Renewable

Highlights of global energy market in 2021

- Record natural gas prices, fluctuating oil prices and climate negotiations are hot topics in 2021
24.12.2021 Natural Gas , Oil , Renewable , International Organization , Europe , Asia , Americas

Highlights of Turkish energy market in 2021

- New Black Sea gas discovery, booming renewable energy market and renewed climate efforts were some of many hot topics in 2021
24.12.2021 Electricity , Natural Gas , Oil , Renewable , Finance , Nuclear , Coal , Regulation , Energy Diplomacy , Turkey

World Bank's $300 million loan to boost Turkey's geothermal energy

- New loans will finance over 380 megawatts of new geothermal capacity, and mobilize about $555 million of private capital
22.12.2021 Finance , Geothermal/Biomass , Turkey

Israel to halt gas research, dubbing 2022 'year of renewable energy'

- Israel will not embark on fourth stage of licensing for gas exploration, Israeli minister says
17.12.2021 Natural Gas , Renewable , Middle East-Africa

Turkey aims to boost domestic production of wind turbine parts

- Country also exports wind energy equipment to 45 countries in six continents
16.12.2021 Wind , Turkey

Turkey on track for planned wind capacity additions in 2022

- Despite global pandemic, Turkey manages to continue investments for wind installations in last two years, Turkish Wind Energy Assoc. head confirms
16.12.2021 Finance , Wind , Renewable

Turkey's daily wind power generation hits record high

- More than 20% of total electricity was generated from wind energy sources on Friday
13.12.2021 Finance , Wind , Renewable

Rising energy prices unsustainable: EU chief

- Ursula von der Leyen stresses Europe's future energy security "clearly depends on clean home-grown energy"
11.12.2021 Natural Gas , Renewable , Energy Diplomacy , Europe

Experts launch 1st independent hydrogen coalition to guide decision-makers

- Coalition recommends government support for zero emissions hydrogen or green hydrogen only
11.12.2021 Renewable , International Organization

UAE seen as candidate to become EU’s hydrogen supplier

-With net zero target by 2050, UAE has also significant potential for solar power
07.12.2021 Renewable , Hydro , Europe , Middle East-Africa

Turkish renewables sector attracts $2.5B in financing this year led by solar

- Clean financing in 2021 is expected to be around 20% higher than annual average between 2002 and 2020
07.12.2021 Renewable , Invesments

Turkey's daily power consumption down 0.26% on Dec. 3

- Electricity exports amount to 8,751 megawatt-hours and imports total 12,152 megawatt-hours
05.12.2021 Electricity , Wind , Turkey , General

Turkey's renewable power capacity to grow by 53% by 2026

- Growth rate of renewables makes Turkey 5th biggest in Europe, 12th biggest worldwide, senior analyst at Int. Energy Agency says
04.12.2021 Renewable , Turkey

IEA expects all-time record in renewable installations globally in 2021

- Renewable electricity growth accelerates faster than ever but further deployment is needed across all key sectors, report says
02.12.2021 Renewable , Wind , Solar , Invesments

$812 million finance deal signed for Turkey's largest solar power plant

- Currently, 550 megawatts of installed capacity is completed for Karapınar Solar Power Plant Project
01.12.2021 Solar , Projects , Invesments , Energy Projects , Turkey

Enerjisa Enerji, EBRD sign $110M green finance loan agreement

- Loan for "inclusive and green uses" will contribute to company goal of providing sustainable and high-quality energy to 21 million
02.12.2021 Electricity , Renewable , Finance , International Organization , Turkey

Italian energy firm Enel aims to accelerate its net zero goal by 10 years

- Move brings company’s full decarbonization target down to 2040
26.11.2021 Renewable , World , Europe

Germany's E.ON to invest €27 billion for energy transition up to 2026

- Decarbonization of Europe's economies places energy industry at threshold of key decade of growth, company CEO says
24.11.2021 Renewable , Finance , Invesments , Europe

TotalEnergies partners with Australian firms to develop natural carbon sinks

- Company’s projects constitute real-world illustrations of its climate ambition, says company official
19.11.2021 Renewable , World , Europe

Global energy efficiency progress well short of level to meet climate goals

- Annual rate of improvement in global energy intensity is below 4% needed between 2020 and 2030 for net zero pathway, IEA says
18.11.2021 Electricity , Renewable

Fossil fuel-dependent M. Eastern economies in search of clean transition roadmap

- Fundamental changes to economic model of resource-rich countries look unavoidable, IEA chief says, urging for clean energy transition
17.11.2021 Natural Gas , Oil , Renewable , Middle East-Africa

Turkey's daily wind power generation hits record high

- More than 20% of total electricity was generated from wind energy sources on Wednesday
12.11.2021 Wind , Turkey , General

Turkey’s energy minister says new gas find in Black Sea imminent

- Country announces total gas discovery of 540 billion cubic meters in Black Sea over course of one year
10.11.2021 Renewable , Turkey

EBRD commits to around €1.5B for Turkey this year with half for green financing

- Bank to provide first new landmark, externally verified green loan of €150 million for Turkish manufacturing sector
09.11.2021 Renewable , Finance , International Organization , Turkey

Countries failing to fulfil climate commitments to be 'shamed' in 2023

- Actions will be tracked by International Energy Agency until UN climate summit in 2023
08.11.2021 Electricity , Renewable , International Relations , International Organization , Turkey , Europe , Asia

President Erdogan inaugurates huge Ilisu Dam in southeastern Turkey

- Dam on Tigris River has total water storage volume of 11 billion cubic meters
07.11.2021 Hydro , Turkey

Glasgow mosque goes green with solar energy panels

- Glasgow Central Mosque installs panels as part of project by Greenpeace, Islamic Relief
06.11.2021 Solar , World

African leaders pledge to play their part in reducing carbon emissions

- Kenya says it is on course to achieve target of 100% use of clean energy by 2030
03.11.2021 Electricity , Renewable , Coal , Middle East-Africa

Over 40 countries sign plan to deliver clean and affordable tech. by 2030

- First five goals of UK-led Glasgow Breakthrough Agenda focuses on power, road transport, steel, hydrogen and agriculture
03.11.2021 Renewable , Finance , Turkey , Europe

Developed countries lag behind $100B climate finance pledge

- Commitment to goal is key to trust and solidarity between developed and developing countries in climate change adaption
27.10.2021 Renewable , Finance , International Organization , World

Australia's new net zero emissions target a significant step: Wood Mac.

- Australia announced on Monday that the country aims to reach net zero emissions by 2050, ahead of COP26
27.10.2021 Renewable , Finance , International Organization

Turkey's daily wind power generation hits record high

- Nearly 20% of total electricity was generated from wind on Monday
27.10.2021 Wind , Turkey

Turkey has rapidly become leading wind market: Vestas

- In Turkey we see good potential for growth, says company's Turkey head
23.10.2021 Wind , Invesments , Turkey , Europe , General

Renewable energy sector employs 12 million people worldwide in 2020

- China commanded a 39% share of renewable energy jobs worldwide in 2020, followed by Brazil, India, the US and EU
23.10.2021 Renewable , Finance , Europe , Asia , Americas

G7 countries well placed to fully decarbonize power supply by 2035: IEA

- G7 countries currently account for about 40% of global economy and 25% of global energy-related carbon dioxide emissions
21.10.2021 Electricity , Renewable , Coal

Rapid policy acceleration by 2025 could bring 'below 2°C' goal within reach

- Policy changes will be driven by investor, corporate and civil society pressure, climate impacts and volatile weather patterns
19.10.2021 Renewable , Coal

Net zero emissions by 2050 will require up to six-times more minerals

- Lithium is estimated to see fastest growth with demand up over 100 times from current level through to 2050, IEA says
15.10.2021 Renewable , Energy Diplomacy , World

Clean energy investments need to more than triple by 2030 to curb emissions

- New energy economy is emerging but not yet quickly enough to reach net zero emissions by 2050: IEA's World Energy Outlook 2021
14.10.2021 Renewable , Wind , Solar , Invesments

Energy crisis could lead to faster-than-expected rise in carbon emissions

- Global carbon emissions between Jan-Aug are already only 1% lower than peak emission levels of same period in 2019
13.10.2021 Natural Gas , Renewable , Coal

Solid waste to be turned into resources in Gaziantep by UNDP supported plant

- Waste management facility built as solution to increasing solid waste management problem in city
06.10.2021 Finance , Geothermal/Biomass , Turkey

Governments need to move decisively to unlock growth for low-carbon hydrogen

- Global production of low-carbon hydrogen is currently minimal and not cost-competitive, a new IEA report says
05.10.2021 Renewable

Turkey's daily power consumption down by 4.2% on Oct. 2

- Electricity exports amount to 13,033 megawatt-hours, while imports total 12,004 megawatt-hours
04.10.2021 Electricity , Finance , Wind , Turkey

Turkey's electricity consumption up 0.33% in September

- Electricity exports for September to neighboring countries show increase of 116% compared to September last year
03.10.2021 Electricity , Wind , Turkey , General

New wind, solar power generation cheaper than existing imported coal power in Turkey

- Levelized cost of electricity for wind and solar in Turkey much lower than from imported coal plants
28.09.2021 Electricity , Renewable , Turkey

China's carbon-neutral aim will rely heavily on wind generation: WoodMac

- China will have more than two-thirds of world's grid-connected capacity by 2030, agency reveals from research
22.09.2021 Wind , World , Asia
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