Sun. Nov 28th, 2021

Image from the article titled Cobalt is the New Oil alt = “cobalt is the new oil”

Pictures: Samir Township (Getty Images)

The United States and China could clash over scarce resources, which could have far-reaching effects on developing countries..

S.The superpowers fight anxiously over valuable goods It may sound familiar Oil and gas. BThe struggle for new resources Is on Metals and minerals from which energy will be obtained in the future From electric vehicles Clean energy technology.

That’s according to a recent New York Times report Investigation, Which previously used classified diplomatic cables and More than 100 people from across three continents were interviewed to photograph Cobalt’s fight. Especially in the southwestern region of the Democratic Republic of the Congo, there is no investigation into Kisanfu, home to one of the world’s largest cobalt deposits.. Congo as a whole is responsible for more than 70% of the world’s cobalt supply, According to Reuters.

The report identifies Chinese companies ramping up Cobalt extraction in Congo Back in 2016, when a major US mining firm A Chinese aggregate of two large cobalt reserves has been sold to China Molybdenum. Chinese mining companies have been shopping in the county ever since, locking up Much above the global cobalt supply chain.

According to the Times, 15 of the 19 cobalt-producing mines in the country are now owned by Chinese companies that have received at least 12 12 billion in loans and funding from state-backed institutions. The five largest companies have a line of credit of about $ 124 billion. The United States, meanwhile, has lagged behind দিয়েছে and even allowed Cobalt’s wealth to slip out of its hands. It has created a huge battleground for 21st century power, with Congolese workers and residents detained in the middle.

Congolese officials have accused China Molybdenum, one of those mining companies, of withholding payments to the government. As Cobalt production has grown rapidly since the acquisition by Chinese companiesAt least a dozen workers and contractors at the Tangke Fanguru mine have complained of “serious deterioration in safety and an increase in injuries, many of which have not been reported to management.”

The report comes as the US Senate prepares Vote on Build back better bill, Including $ 320 billion extended tax credit for renewable energy And an additional $ 110 billion to improve the supply chain for electric vehicles and the US renewable energy technology. Those investments will be important if the country and car manufacturers have any shots EV and meeting Clean energy Targets for the next decade. In some respects, President Biden has promised Per Decarbonize the grid By 2035 And set a The goal By 2030, half of all new U.S. car sales will be electric Used The The weight of the federal government To start the EV transition, and build back better will add more juice to it and clean energy targets. But there is much work to be done now and then; A Report It has been suggested from LMC Automotive That share is expected to be 4% lower this year.

But analysts and experts are already warning of an impending EV Battery shortage That could be similar The current global semiconductor deficit rattling supply chain. In the United States, EV car manufacturers Like Tesla As Traditional brands like General Motors and Ford They are preparing to dramatically increase their demand for cobalt and lithium in the coming years as EV production increases. That The already shaky supply could strain.

Some of its effects are already being felt Report Benchmark Mineral Intelligence published last month, Which has led to an increase in the price of battery cells along with the rise in the price of raw materials, especially for lithium. If countries continue to meet their much-needed climate targets, tHe is the International Energy Agency Warns Supplies from existing mines may be able to meet only half of the lithium and cobalt requirements by 2030.

Biden, for his part, made clear his administration’s ambition to increase mineral competition with China during a visit to the General Motors facility last week, the Times notes.

“We risked losing our edge as a nation, and China and the rest of the world are catching up,” Biden said. “Okay, we’re going to turn it around in a big, big way.”

So far, the global push for renewable energy technology seems ready to follow a familiar script., Competing fiercely on the world stage with a handful of big players to acquire valuable resources, probably at local cost. Geography, Ecology, and Communities.

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