Clean energy storage ‘key to net zero plan’

Clean energy storage ‘key to net zero plan’

Topic: Economy

In News: The government’s move to ensure a committed supply of raw material, especially for renewable energy (RE) and e- mobility sectors.

About:

• The recent surge in prices of natural gas in Europe due to high energy demand, coupled with cold spells across the region and slower winds to run wind turbines, have resulted in lower electricity output.
• The energy crisis being experienced by Europe brings to the fore the need to have a diversified mix of sources of energy, with fossil fuels as an integral part.
• India is working on acquiring mines of strategic minerals such as lithium and cobalt in producing countries like Australia and Lithium Triangle ( Argentina, Bolivia and Chile).
• As India prepares a roadmap for net zero carbon emissions by 2070, the transformation is “mineral-intensive” and it is “pertinent” that government policy addresses the issue of supply of metals used for making solar PV modules and storage batteries, Economic Survey said.
• The World Bank, in its report ‘Minerals for Climate Action’, has mentioned that the transition from conventional fossil fuel-based energy to clean energy as well as battery storage will be more mineral-intensive.
• Minerals and metals like copper, aluminium, iron, manganese, nickel, etc are critical for developing clean energy sources like solar photo- voltaic (PV), wind, nuclear, while minerals like lithium and graphite are important for energy storage.
• The inelastic supply of minerals is already increasing the prices of minerals which are likely to shoot up in the future.
• The Survey also recommended encouraging R&D to ensure effortless switch to renewable sources of energy, which may also include focus on developing technology that recycles, re- uses and repurposes minerals.