The transition to a green energy future has been a key focus on the first day of the International Mining and Resources Conference (IMARC), held in Sydney.
The spotlight fell on the key challenge posed by the lack of available critical minerals to help build green technologies.
Newcrest Mining chief financial officet Sherry Duhe told the opening session of IMARC that critical mineral demand would increase by 300 per cent by 2040.
“As we become less of the problem, we need to be more of the solution,” she said.
Amber Bieg from Warm Springs Consulting pointed to stark figures that illustrate the massive hurdle the world faces in order to reach net zero by 2050.
“To achieve global net zero carbon emissions, mining of minerals will need to grow by six times by 2050,” she said.
She said despite the need for more mining in order to transition to a green energy future, the public still perceive the mining industry intrinsically tied to fossil fuels when the reality is vastly different.
MMG executive general manager Troy Hey saw the demand for critical minerals as a generational opportunity for the sector.
Earlier, former New Zealand Prime Minister Helen Clark warned that the risks of getting the change to green energy wrong would disproportionately affect the most vulnerable in society.
Delivering the keynote address on the opening day, she highlighted the need for greater global transparency within the mining and extractive industry.
Clarke addressed the conference in her role as Chair of the Extractive Industries Transparency Initiative (EITI) and she flagged the difficulties in transitioning in a clean, just and sustainable manner.
“Most low-carbon technologies use far more mineral resources than its fossil fuel equivalent. The bottom line is the world needs more mining,” she said.
“Half of the 700 critical mineral sites in the 57 countries EITI reports in impact conservation areas, and 80 per cent of those sites are located near or on the land of indigenous people or are of cultural significance.”
Since 2003, EITI has managed to disclose $US2.95 trillion of revenue across 57 countries. This disclosure provides the foundation for signatories to identify weaknesses, strengthen processes, and maximise the positive impact of the extractive industries within their region.
Global leaders will continue to collaborate on trends in mining, investment and innovation towards a sustainable future until Friday evening at the ICC Sydney.