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27.01.2020New World Bank Fund to Support Climate-Saving Mining Strategies for Transition to Clean Energy
Today the World Bank launched the Fund for the introduction of climate-saving technologies in the extractive industry , the first fund in history, whose goal is to turn mining into an environmentally sustainable industry that does not harm the climate. The fund will support the environmentally sound mining and processing of minerals and metals used in clean energy technologies (for example, wind and solar energy), as well as for the production of energy storage and electric vehicles. The main objective of the Fund is to help developing countries with rich natural resources to take advantage of the growth in demand for mineral raw materials and metals, while organizing the work of extractive industries in such a way as to minimize their impact on the environment and climate. The idea of creating the Fund arose in the process of working on a World Bank report “Enhancing the Role of Minerals and Metals in Low-Carbon Development”, the conclusion of which was that the low-carbon future has a much higher mineral intensity than the inertial development scenario. By 2050, global demand for strategically important minerals such as lithium, graphite and nickel will increase sharply by 965%, 383% and 108%, respectively. * Growth in demand for minerals and metals opens up opportunities for developing countries with rich mineral resources and This is a problem: in the absence of climate-friendly mining methods, the negative impacts of the mining industry will intensify, which will damage vulnerable communities and the environment.
The multilateral donor trust fund will assist emerging economies and emerging economies in implementing environmentally sustainable and socially responsible strategies and technologies throughout the mineral supply chain. The World Bank partners are the German government and the private companies Rio Tinto and Anglo American. In addition, the Fund will assist governments in shaping sound economic policies and sound regulatory frameworks that foster climate-friendly extractive industries and create an enabling environment for private capital to participate. Possible projects for financing:Promoting the integration of renewable energy sources into the extractive industries, given that the extractive industry accounts for up to 11% of global energy consumption, and in remote areas, diesel and coal are often used in the mining process. Promoting the strategic use of geological data to gain a better understanding of the level of availability of strategically important minerals.
Extractive industry that does not harm forests: prevent deforestation and promote the introduction of environmentally sustainable land management practices; reprofiling mining sites.
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