The High Cost of Green

The High Cost of Green: How Rising Metal and Fossil Fuel Prices Could Impact Renewable Energy

As the world continues to push towards renewable energy, the high cost of green technology is becoming a growing concern. The prices of wind turbines, solar panels, EVs, and storage batteries have been steadily increasing, and now the rising prices of key metals and fossil fuels could make it even more expensive.

Copper prices, for example, could soar by 33% in the next year due to a global shortage, according to top metals traders. Lithium prices are also higher than in 2022, making it more expensive to produce batteries for EVs and storage systems. Meanwhile, crude oil, natural gas, coal, and other fossil fuels have been trending up from prior to 2022, according to Trading Economics.

This is bad news for the green energy industry, which relies heavily on metals and fossil fuels to manufacture and maintain its products. The energy required to deliver, set up, and maintain renewable energy infrastructure also requires a lot of fossil fuels, so rising prices could have a big negative impact on green energy economics and availability.

Despite this, some people believe that Moore's Law, which drives the prices down and efficiencies up for technology, will continue to play a role in making green energy more cost-effective. While advancements have certainly helped, wind and solar power don't follow the same exponential growth pattern as Moore's Law.

Overall, the high cost of green technology is becoming a significant challenge for the renewable energy industry. As the world continues to push towards cleaner energy, finding ways to reduce the costs and reliance on expensive materials will be crucial to making it a reality.

https://tradingeconomics.com/commodities

https://markets.businessinsider.com/news/commodities/copper-prices-inventory-lowest-2008-trafigura-china-reopening-commodity-stockpiles-2023-3?op=1

https://www.renewableenergyworld.com/baseload/moores-law-of-renewable-energy/

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