Global Energy Transition is creating a win-win situation for the Philippines’ local nickel miners as they are betting on clean energy and smart cities to accelerate nickel demand over the medium to long term.
This was revealed by the Philippine Nickel Industry Association (PNIA) in a press note. It is the country’s largest private sector grouping of nickel mining players informed that aside from being a critical component in electric vehicle batteries, raw nickel ore is also processed to create stainless steel, which is used in the development of megacities and in renewable energy technology.
According to PNIA, President Dante Bravo, the current value of investments in the global EV industry is at $300 billion, which is expected to grow to $1 trillion as EV sales double within the next five years.
“Clean energy and smart cities cannot be realized without nickel as nickel has cross-cutting use in the development and manufacturing of various clean energy technologies such as electric vehicles, solar panels, power grid systems, wind turbines, and new technologies such as hydrogen-based energy,” Bravo said.
Bravo noted, “The reopening of the global economy and the rollout of China’s infrastructure investment plan would resume activity in the construction sector triggering momentum in the demand for stainless steel.”
