Energy Transition Efforts to Keep Demand for Metals High

Demand for metals that are crucial for energy transition efforts around the world is estimated to keep growing for decades to come, according to a World Bank report.

The report says even though demand growth for other commodities like grain is expected to drop in the next 30 years, metals will remain in high demand. Countries that export them will have huge gains, the report further argues.

As countries increase efforts to adopt low carbon power generation, a permanent increase in demand for copper, nickel, cobalt, and lithium that are crucial for energy transition is on the horizon, while the demand for fossil fuels will fall eventually.

The long-term outlook for metals and other commodities has deep implications for developing nations, two-thirds of which are reliant on raw-material exports for much of their income.

The World Bank has urged the commodity dependent states to build “rainy-day funds”, avoid debt accumulation and shy away from protectionist trade policies when price volatility looms.

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