According to commodity analysts at Bank of America, increased attention to global decarbonization after the United Nations Climate Change Conference (COP26) will lead to an increase in demand for critical industrial metals. The mining industry will probably have to double its capital expenditures to achieve decarbonization goals by 2050.

In a report released on Monday, the US bank said that the global goal for a sustainable low-carbon future will put more pressure on demand for metals, which already has a significant imbalance of supply and demand.

Decarbonization means electrification of the world economy through renewable energy sources. The report also says that analysts calculate the consumption of copper, lithium, nickel, cobalt, silver, and platinum in the amount of 3.6%, 24.6%, 7.6%, 18%, 2.5%, and 3.3%, respectively.

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Bank of America used lithium, a popular commodity until 2021, as an example of how there is an increase in demand as new batteries and electric vehicles become available.

Analysts also noted that the total volume of lithium supplies in 2020 amounted to 387,000 tons; demand is projected to increase to 3 million tons by 2030, and to 5 million tons by 2050, respectively.

Bank of America added that in order to achieve the goals set for 2050, capital expenditures may need to be doubled.

Analyzing precious metals, analysts believe that solar energy will stimulate demand for silver in the coming years.

Platinum is also a metal that attracts attention as the Green Revolution progresses.

Bank of America said demand for platinum over the next ten years from the hydrogen economy is expected to grow to more than 1.1 million tons. By 2050, demand may grow to 1.7 million tons.

Analysts also noted that hydrogen fuel cell cars will also increase the demand for platinum.