Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday. The IMF called for greater cooperation to negate the risks of commodity market fragmentation on the energy transition.
has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday.
"To achieve net-zero-carbon emission targets, demand for minerals is set to rise severalfold in the coming years," IMF economists wrote in a blog post accompanying a chapter from the fund's upcomingBut they warned that economically viable deposits are concentrated in just a few countries, and that"fragmented markets could complicate matters."
The IMF said further geopolitical fragmentation could lead to"turmoil" in the commodity markets, causing long-term economic losses of around 0.3 percent of global economic outlook. The IMF economists estimated that severe trade disruptions could lower investment in renewable energy and electric vehicles by as much as 30 percent by the year 2030, leading to"slower mitigation of climate change."
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