ESG Watch: Why climate change is leaving mining firms between a rock and a hard place [Reuters]
SCHNEIDER ELEC UNSP/ADR (SBGSY)
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Source: Reuters
But the extraction of metals such as copper, nickel and cobalt will be increasingly important as we urgently seek ways to cut emissions from other building blocks of the global economy such as steel, cement and aluminium. By 2050, the World Bank forecasts that demand for the metals and minerals used to produce the clean energy technologies that will be needed to meet Paris Climate Agreement goals will increase by almost 500%. New mines will bring increased risks to nature and biodiversity. Conservation group Re:wild warned recently New Tab , opens new tab , for example, that more than a third of Africa's great apes are at risk because of the surge in demand for the minerals that are vital for green technologies. At the same time, the sector is itself becoming more vulnerable to the impacts of climate change, including increased flooding, heatwaves, drought and increased competition for water. A McKinsey study New Tab , opens new tab found that 30%-50% of production for copp
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