Years of under-investment in mining of metals essential to energy transition, supply shocks and high energy prices will continue to drive commodity prices higher, Eurasian Resources Group (ERG) Chief Executive Benedikt Sobotka said on Wednesday.
Combined with COVID-related logistical issues and demand for transparency on sustainability these factors have brought together "all the ingredients for a perfect storm in commodity markets," he told the Reuters Global Markets Forum in Davos.
Sobotka believes a fossil fuel resurgence is temporary, and the transition to a lower carbon economy "cannot be stopped," which will require a projected $50 trillion in the next three decades."Anything between $200-$300 billion in investment per year will be required for the mining industry to satisfy demand for the energy transition," he said, with much of this invested into the mining of copper, nickel, cobalt and other metals.
"If you get small supply disruptions, you are going to see big swings in prices," Sobotka said, adding that he expected to see an impact in the second half of 2022.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Denver Weather: Storms Finally Clear Colorado, Brighter And Warmer Weather Starts WednesdayA series of unusually cold storm systems that persisted for five days have finally moved away from Colorado. Up next is much drier and much warmer weather.
Les mer »
Glencore Settles Corruption and Bribery Charges in U.S., U.K., BrazilGlencore will pay at least $1.2 billion in a settlement with the U.S., U.K. and Brazil to resolve long-running bribery and market manipulation probes
Les mer »
Quad summit in Japan seeks unity on countering ChinaLeaders of US, Australia, India and Japan begin discussions at Quad summit aimed at countering an increasingly assertive China and paving over differences on issues including Russia
Les mer »
Tyler Anderson starts perfect, tosses eight shutout innings as Dodgers rout NationalsPitcher Tyler Anderson flirted with a perfect game as the Dodgers routed the Nationals 10-1 on Monday in Washington.
Les mer »
Start of Early Voting in Chicago Pushed Back Due to Ballot ChangesEarly voting for the June 28 primary election in Chicago was to have started May 26 at the city’s downtown super site, but late-breaking ballot changes have pushed back the date to May 31.
Les mer »
Ukraine warns of multi-year food crisis; Zelenskyy says situation in Donbas 'very difficult'Ukraine President Volodymyr Zelenskyy has said the situation in the Donbas region is 'very difficult' while George Soros issued a stark warning about the war.
Les mer »