30.12.2024

Reshaping Mining for the Green Energy Era: COP29 Insights 

Here are the main insights for the mining industry:

Electric vehicles (EVs) were once seen as the future of transportation, with carmakers investing billions in new battery technology and models. However, recent months have shown that the growth in EV sales has slowed down. As per Bloomberg1, Global EV sales grew by 26% in the first half of this year, with preliminary data indicating a 30% increase in September. While this shows solid growth, it’s lower than last year’s 33% increase and the 60% rise the year before.  

However, according to Fati Birol, Executive Director for International Energy Agency (IEA) – the world leading authority in energy policy, the problem is far exaggerated, “In the next 10 years, electricity demand will increase six times higher than the energy demand.  Electric cars sales are skyrocketing in many parts of the world and others.”

António Guterres, the current Secretary-General of the United Nations, shares this sentiment. “The demand for the [critical] minerals… is expected to surge… creating a huge opportunity to generate prosperity, eliminate poverty, and drive sustainable development.” he said.

The increasing demand for critical minerals such as lithium, cobalt, nickel, and rare earth elements highlights the mining industry’s central role in the energy transition.

Takeaway for miners:

The demand for critical minerals may fluctuate, but mining is here to stay. Reducing fuel use and emissions will remain essential for responsible mining practices.

2. Stakeholders Call for Miners’ Responsibility – Including Financial

It is not just the present role of mining that has been in focus. Its past impact is facing increasing scrutiny, posing financial risks. The EU has called for the creation of a mining legacy fund to address these ‘historical issues’.

“…creating a global mining legacy fund will address historical environmental and social issues associated with mining, fostering a more sustainable future for the industry,” said Ditte Juul Jørgensen, Director-General for Energy of the European Commission and the co-chair at the panel.

Takeaway for miners:

While details on how the legacy fund will be financed remain unclear, the risk is real, and mining may be required to contribute if the proposal moves forward. Proactively investing in today’s environmental initiatives offers better outcomes for both operations and the environment. This underscores the importance of staying ahead of ESG technology trends and making strategic tech investments.

3.  Financing the Innovation

The need for investment in infrastructure, technology transfer, and skills development to enable sustainable mineral extraction and processing has become the common thread in all discussions of the mining industry. All stakeholders – international organizations, governments and miners – are expected to invest in new technologies across the regions where they operate.

Zimbabwean President Emmerson Dambudzo Mnangagwa (while addressing the panel) mentioned, “Cutting edge technologies are critically important for any country to fully benefit from its resource elements. Cooperation, partnerships, and investments in technology transfer and skills development, innovation, research must be promoted.”

Takeaway for miners:

Miners must prioritize investment in infrastructure, technology transfer, and skills development. With growing pressure from stakeholders, adopting advanced technologies like AI-driven asset management and predictive analytics is no longer optional — it’s essential for sustainable, efficient, and socially responsible operations.

The mining industry must balance its vital role in supplying materials for renewable energy with the growing responsibility to reduce its environmental impact.

At SYMX.AI, we believe operational efficiency and sustainability are inseparable. Our technologies enable smarter, greener mining by enhancing performance while driving down emissions and fuel use. Ready to strike this balance? Get in touch to learn how we can support your journey toward responsible mining.

  1. Are Global EV Sales Really Slowing Down? ↩︎