Mubasher: Renewable energy sources are taking another step forward with an increasing demand from the mining sector, which is seeing a shift from fossil fuels.
Mining is one of the most energy-intensive industries, and this shift enhances global decarbonization efforts, PV Magazine reports.
The sector that remains heavily reliant on traditional power sources, such as electricity generated from fossil fuels or off-grid diesel-generated power, accounts for up to 11% of global energy consumption, has seen one giga watt (GW) of renewables already built around the world, with another 1 GW under construction, according to a report by Fitch Solutions Macro Research.
The decreasing costs of renewables, as well as environmental and governance goals, are the main motives behind the shift the mining sector is making towards new energy sources around the globe, from Chile and Canada to Australia, as well as India with its strong renewable energy strategy, with Argentina and South Africa expected to follow, especially amidst a rise in crude oil prices.
Wind and solar energy account for 37% and 59%, respectively, of the new build capacities, with solar thermal having a 4% share last year.