Europe’s plan to slash Russian fossil fuel imports and accelerate renewable energy production will test its ability to find the minerals, metals and other components that are needed for a dramatic shift to clean power.
The plan, outlined by the European Commission yesterday, would speed the continent toward a historic transition to wind and solar energy, while diversifying its sources of natural gas and expanding energy efficiency.
But it could come at a high cost.
The rapid switch to renewables will depend on Europe’s ability to mine or import the materials that are needed for clean energy technology, like copper, lithium and cobalt. And it comes as supply chains strain against rising demand for renewable energy globally.
“What we’re talking about doing is going from variable cost volatility on hydrocarbons to fixed-cost volatility on…