IEA CONFIRMS RELIANCE ON THE MINERALS SECTOR FOR MEETING FUTURE GLOBAL ENERGY NEEDS

In its 2017 World Energy Outlook’s New Policies Scenario – incorporating policies and measures already put in place by governments around the world, as well as their likely effects – the International Energy Agency has projected the sources of global electricity production in 2040. 

The IEA’s report confirms the importance of fossil fuels and nuclear in meeting 60 per cent of all electricity demand in 2040.

Coal will remain the primary source of electricity in China and India in 2040, with South-East Asia tripling coal fired electricity.

Coal powered generation is projected to increase from 9,282 TWh in 2016 to 10,086 TWh in 2040, representing 26 per cent of all electricity produced. 

Nuclear energy is expected to increase by 47 per cent from 2,611 TWh in 2016 to 3,844 TWh in 2040, representing 10 per cent of all electricity produced.

Solar photovoltaic and wind electricity generation is expected to rise from 1,284 TWh in 2016 to 8,432 TWh in 2040, or 19 per cent of all electricity produced.

The projected increase in wind and solar power represents significant demand for Australian iron ore, metallurgical coal, copper, lithium, cobalt, indium and gallium – the building blocks of renewable energy equipment.

In summary, the IEA report highlights increasing demand for Australia’s mineral resources, including thermal and metallurgical coal, uranium and the myriad of other resources the Australia’s world class mining sector provides.

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