Renewable Energy Coalition Has Big Goal; Chinese Cobalt Cathodes Down

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Ready for a crazy number? “A coalition of solar, wind, and other renewable energy associations said Nov. 19 that renewable sources could provide as much as half of the global energy needed by 2035, arguing that such ambitious growth is one of the few options for halting rapidly escalating global temperatures while meeting increasing energy demand,” reports Bloomberg BNA.

“But that would require more than a doubling of current capacity—renewable energy provided about 19 percent of global energy in 2011, the most recent year for which the international REN Alliance has complete figures.  And half of that 19 percent was from biomass fuel sources, such as wood pellets burned to produce electricity.”

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“Heads of the International Hydropower Association, the International Solar Energy Society, and other groups representing wind, geothermal, and bioenergy producers touted the 50 percent-by-2035 goal at an event held on the sidelines of UN climate change talks in Warsaw.”

“The coalition members stressed that such a dramatic expansion would require big gains in energy efficiency and decreased energy demand in industrialized countries, continued strong growth in solar and wind energy, and large-scale deployment of massive energy storage technologies to address the inherent variability of wind and solar power.”

After falling 0.5 percent, Chinese cobalt cathodes were the week’s biggest mover on the weekly Renewables MMI®. Prices for silicon remained constant. Neodymium remained essentially flat from the previous week. Following a steady week, prices for Chinese steel plate closed flat.

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The week finished with no movement for Japanese steel plate. Following a steady week, prices for Korean steel plate closed flat. The week finished with no movement for Chinese steel plate. US steel plate prices held steady from the previous week.

US grain-oriented electrical steel (GOES) saw little movement.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.