A 400X increase - McKinsey's Ken Hoffman on energy transition's big gap
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - Battery energy output has to increase by 400 times to meet global needs, said Ken Hoffman, materials senior expert at McKinsey.
Hoffman spoke to Kitco Mining correspondent Paul Harris at PDAC in March.
Hoffman noted the massive challenges ahead for the energy transition.
"We produce about one terawatt of batteries globally this year," noted Hoffman. "We need to get to 400 terawatts of power. It just shows the astronomical amount we're going to need to get us to a sustainable future."
Hoffman said there will be no shortage of exciting products and services ahead due to electrification. The issue is on the supply side.
"Can this mining industry provide all the metals needed to get us there?"
Coverage of PDAC 2023 sponsored by Uranium Energy and GoldMining.
|'Few companies have the cash flow yield that Lundin Gold has' - CEO Ron Hochstein|