22/08/2022 - Renewable Energy

KEY POINTS

·        The IEA also projects that the total critical mineral demand for EVs will grow almost 30 times from 0.4 million tonnes in 2020 to 11.8 million tonnes by 2050, based on its Sustainable Development Scenario.

·        This shift to mobility via electric vehicles and rapid scaling of power generation via renewables will be a non-starter without an adequate supply of metals such as copper, aluminium, lithium and nickel.

·        India, a net exporter of refined copper, turned into a net importer in 2018-19. The rise in imports may be attributed to the closure of the Sterlite plant, which produced 400,000 MT per annum and contributed 40 per cent of the country’s total copper production.

·        The government has shown its intent by augmenting the manufacturing capacities of vital industrial inputs through PLIs and direct infrastructure spending to crowd-in private sector capital.

·        The PLI schemes will incentivise the manufacturing of electric vehicles, solar photovoltaics and automotive cell (ACC) batteries, according to Crisil.

·        For instance, the import duty on copper concentrate (raw material for the copper refining industry) is 2.5 per cent compared to the zero rates of India’s competitors like China, South Korea and Japan.

·        However, inconsistencies in environmental laws, regulations and standards can undoubtedly be ironed out, and institutional mechanisms at the State and central levels.

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Kindly Review.Thank you