1. Mineral Import Demand and Clean Energy Transitions in the Top Mineral-Importing Countries
- Author
-
Kazi Sohag, Md. Mahmudul Alam, and Md. Monirul Islam
- Subjects
Economics and Econometrics ,History ,Sociology and Political Science ,MINERALS IMPORT ,Polymers and Plastics ,CLEAN ENERGY TRANSITION ,MINERAL-IMPORTING COUNTRY ,CLEAN ENERGY ,WIND POWER ,MINERAL RESOURCES ,PUBLIC POLICY ,Management, Monitoring, Policy and Law ,INSTALLED SOLAR CAPACITY ,CROSS-SECTIONAL AUTOREGRESSIVE DISTRIBUTED LAG APPROACH ,MINERALS ,SOLAR ENERGY ,Industrial and Manufacturing Engineering ,TIME SERIES ANALYSIS ,PHOTOVOLTAIC SYSTEM ,SOLAR POWER ,Business and International Management ,SOLAR POWER GENERATION ,MINERAL IMPORT ,ALTERNATIVE ENERGY ,IMPORT ,AUTO-REGRESSIVE ,WIND CAPACITY ,CS-ARDL APPROACH ,DEMAND ANALYSIS ,INSTALLED WIND CAPACITY ,WIND TURBINE ,FUNCTIONS ,MINERAL-IMPORTING COUNTRIES ,CLEAN ENERGY TRANSITIONS ,Law ,MINERAL RESOURCE ,ENERGY TRANSITIONS - Abstract
The clean energy transitions require a large volume of minerals to handle its diverse technologies, such as solar photovoltaics (PV), wind turbines etc. Therefore, mineral importing countries concentrated on cleaner energy production confront an uprising trend in critical mineral prices due to thriving demands. We quest for the response of the top mineral importing countries' import demand for minerals to the clean energy transitions from 1996 to 2019 within the import-demand function analysis. Using the cross-sectional autoregressive distributed lag (CS-ARDL) method, our findings divulge a significantly positive response of mineral import demand to solar and wind energy productions in the long run. We also find that mineral price elasticity holds the Marshallian demand hypothesis in the mineral-laden solar energy generation while contradicting it in wind energy production. In addition, the oil price substitution effect does not sustain, whereas exchange rate depreciates mineral import demands in the long run. Therefore, our policy implications encompass optimizing the mineral resources for clean energy transitions to materialize the 21st century's global agenda of a decarbonized or net-zero emissions trajectory. © 2022 Elsevier Ltd Ministry of Education and Science of the Russian Federation, Minobrnauka; Ural Federal University, UrFU Acknowledgement: The research funding from the Ministry of Science and Higher Education of the Russian Federation (Ural Federal University project within the Priority-2030 Program) is gratefully acknowledged.
- Published
- 2023