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Prospects for the Development of the Russian Rare-Earth Metal Industry in View of the Global Energy Transition—A Review

Author

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  • Alexey Cherepovitsyn

    (Economics, Organization and Management Department, Saint-Petersburg Mining University, 21 Line, 2, 199106 St. Petersburg, Russia)

  • Victoria Solovyova

    (Economics, Organization and Management Department, Saint-Petersburg Mining University, 21 Line, 2, 199106 St. Petersburg, Russia)

Abstract

Global energy transition trends are reflected not only in oil and gas market dynamics, but also in the development of related sectors. They influence the demand for various types of metals and minerals. It is well-known that clean technologies require far more metals than their counterparts relying on fossil fuels. Nowadays, rare-earth metals (REMs) have become part and parcel of green technologies as they are widely used in wind turbine generators, motors for electric vehicles, and permanent magnet generators, and there are no materials to substitute them. Consequently, growth in demand for this group of metals can be projected in the near future. The topic discussed is particularly relevant for Russia. On the one hand, current trends associated with the global energy transition affect the country’s economy, which largely depends on hydrocarbon exports. On the other hand, Russia possesses huge REM reserves, which may take the country on a low-carbon development path. However, they are not being exploited. The aim of this study is to investigate the prospects for the development of Russia’s rare-earth metal industry in view of the global energy transition. The study is based on an extensive list of references. The methods applied include content analysis, strategic management methods and instruments, as well as planning and forecasting. The article presents a comprehensive analysis of the global energy sector’s development, identifies the relationship between the REM market and modern green technologies, and elaborates the conceptual framework for the development of the REM industry in the context of the latest global tendencies. It also contains a critical analysis of the current trends in the Russian energy sector and the plans to develop the industry of green technologies, forecasts future trends in metal consumption within based on existing plans, and makes conclusions on future prospects for the development of the REM industry in Russia.

Suggested Citation

  • Alexey Cherepovitsyn & Victoria Solovyova, 2022. "Prospects for the Development of the Russian Rare-Earth Metal Industry in View of the Global Energy Transition—A Review," Energies, MDPI, vol. 15(1), pages 1-24, January.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:1:p:387-:d:718493
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    References listed on IDEAS

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    1. Hoang, Anh Tuan & Sandro Nižetić, & Olcer, Aykut I. & Ong, Hwai Chyuan & Chen, Wei-Hsin & Chong, Cheng Tung & Thomas, Sabu & Bandh, Suhaib A. & Nguyen, Xuan Phuong, 2021. "Impacts of COVID-19 pandemic on the global energy system and the shift progress to renewable energy: Opportunities, challenges, and policy implications," Energy Policy, Elsevier, vol. 154(C).
    2. Lee, J. & Bazilian, M. & Sovacool, B. & Hund, K. & Jowitt, S.M. & Nguyen, T.P. & Månberger, A. & Kah, M. & Greene, S. & Galeazzi, C. & Awuah-Offei, K. & Moats, M. & Tilton, J. & Kukoda, S., 2020. "Reviewing the material and metal security of low-carbon energy transitions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 124(C).
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    Cited by:

    1. Hu, Xueyue & Wang, Chunying & Elshkaki, Ayman, 2024. "Material-energy Nexus: A systematic literature review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 192(C).
    2. Gao, Wang & Wei, Jiajia & Zhang, Hongwei & Zhang, Haizhen, 2024. "Does climate policy uncertainty exacerbate extreme risk spillovers between green economy and energy metals?," Resources Policy, Elsevier, vol. 91(C).
    3. Liudmila Reshetnikova & Natalia Boldyreva & Anton Devyatkov & Zhanna Pisarenko & Danila Ovechkin, 2023. "Carbon Pricing in Current Global Institutional Changes," Sustainability, MDPI, vol. 15(4), pages 1-19, February.
    4. Qing Guo & Zishan Mai, 2022. "A Comparative Study on the Export Competitiveness of Rare Earth Products from China, the United States, Russia and India," Sustainability, MDPI, vol. 14(19), pages 1-31, September.
    5. Cherepovitsyn, Alexey & Solovyova, Victoria & Dmitrieva, Diana, 2023. "New challenges for the sustainable development of the rare-earth metals sector in Russia: Transforming industrial policies," Resources Policy, Elsevier, vol. 81(C).
    6. Yang, Xiaoming & Islam, Md. Monirul & Mentel, Grzegorz & Ahmad, Ashfaq & Vasa, László, 2024. "Synergistic dynamics unveiled: Interplay between rare earth prices, clean energy innovations, and tech companies' market resilience amidst the Covid-19 pandemic and Russia-Ukraine conflict," Resources Policy, Elsevier, vol. 89(C).
    7. Marek Szarucki & Radosław Rybkowski & Justyna Bugaj & Klaudia Bracio, 2022. "A Comprehensive Review of Research Approaches in the Energy Sector: A Management Sciences Perspective," Energies, MDPI, vol. 15(22), pages 1-21, November.
    8. Rizos, Vasileios & Righetti, Edoardo, 2022. "Low-carbon technologies and Russian imports: How far can recycling reduce the EU's raw materials dependency?," CEPS Papers 36180, Centre for European Policy Studies.
    9. Islam, Md. Monirul & Sohag, Kazi & Berezin, Andrey & Sergi, Bruno S., 2024. "Factor proportions model for Russian mineral supply-driven global energy transition: Does externality matter?," Energy Economics, Elsevier, vol. 129(C).

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