The report, Recycling of Critical Minerals: strategies to scale up recycling and urban mining, claims that growth in new copper mining could be cut by 40 per cent by 2050, while new lithium and cobalt mining could be reduced by 25 per cent. The IEA said that $600bn of mining investment is needed by 2040 to meet the demands of the energy transition. However, without expanded recycling, this figure would be 30 per cent higher.
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Recycled critical minerals carry an average 80 per cent less greenhouse gas emissions than primary materials, as well as helping divert waste from landfill. In addition to the financial and environmental gains on offer, the IEA also stressed how recycling can be a major boon to supply chain security.
“Recycling is vital to tackling the challenges around critical mineral supplies and ensuring long term sustainability,” said Fatih Birol, IEA executive director.
“Investment in new mines and refineries remains crucial but there is ample opportunity for recycling to maximise the resources already at our disposal. As we move into the Age of Electricity, we have to take advantage of this treasure trove of worn batteries and electrical devices that could be revived and reused, but to do so we must develop a mature marketplace for recycling to make it attractive and easily accessible.”
According to the IEA, battery recycling capacity is expanding rapidly, with 50 per cent year-on-year growth in 2023. China remains the global leader for pre-treatment and material recovery and is expected to maintain over 70 per cent market share in both areas toward 2030. The country has already established a dominant position on critical minerals refining and recently announced a new state-owned enterprise dedicated to recycling and reusing end-of-life batteries as well as other materials.
While continued global expansion of recycling is essential, the IEA also warned that the growth comes with environmental risks. The complexity of battery recycling in particular, with its multitude of materials, has the potential to lead to pollution and water contamination if not carried out correctly. The IEA said there is ‘significant scope to strengthen existing recycling standards’ and the report sets out a series of key actions for policymakers to scale up critical mineral recycling responsibly.
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