Mining sector to rely increasingly on renewables, report finds
As mining companies become more aware of the rapidly falling costs of renewables, wind and solar are set become a growing trend in powering mining operations worldwide over the coming years, shows a new report from Fitch Solutions. On the back of carbon pricing schemes, countries and companies operating in the Americas are best positioned to lead the way in the adoption of renewables in mining.
A new report by Fitch Solutions Macro Research, a unit of Fitch Group, shows that the mining industry’s transition to renewables has begun and is poised to pick up the pace in the coming years.
Presently, the majority of mining operations globally continue to rely on traditional power sources, mainly fossil fuel-based grid power or off-grid diesel-generated power, while accounting for up to 11percent of global energy consumption.
But, with 1 GW of renewables already built at mining sites across the world, and another 1 GW in the pipeline, the transition appears to be well underway.
According to the Fitch report, the main reasons behind the shift away from traditional fuel sources to renewables among miners are the reduction of renewable power costs and the prospect of more reliable power supply, followed by environmental, social and governance (ESG) concerns.
Solar PV and wind are leading the way in installed renewables generation among mining companies, accompanied by solar thermal, with 37 percent, 59 percent and 4 percent share in 2017 respectively, the report finds.
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