Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday.
The fractures have led to a doubling in new trade restrictions on commodities since 2021, with low-income countries bearing the brunt of the costs, the IMF announced Tuesday.
"To achieve net-zero-carbon emission targets, demand for minerals is set to rise severalfold in the coming years," IMF economists wrote in a blog post accompanying a chapter from the fund's upcoming World Economic Outlook report.
But they warned that economically viable deposits are concentrated in just a few countries and that "fragmented markets could complicate matters."
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