Riigikogu think tank: Rare earth metals have high potential for growth
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2024-10-16
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Biomass refineries, methanol production and rare earth metal are among the most promising energy-intensive industries which could potentially be developed in Estonia, according to a recent report.The report, by think tank the Foresight Center, finds that attracting energy-intensive industries to Estonia should be based on creating added value which meets or exceeds the average per unit of energy.Developing industries like these will only be beneficial if they generate significant economic value.Head of research at the Foresight Center Uku Varblane counseled against the risks of tying Estonia's electricity to projects which don't support the economy's long-term interests, saying: "Locking Estonian electricity into low-perspective projects, which are not in the interest of our economy, is a risk that comes with energy-intensive industry development."Varblane noted that wealthier countries tend to have more energy-efficient industries, which create higher value."Other countries' experiences reveal that greater prosperity is generally accompanied via greater energy efficiency, that is, in wealthy countries, more added value is created per unit of energy," Varblane went on, via a press release.Potential energy-intensive sectors in Estonia include biomass added value, methanol production and rare earth metals, which carry potential benefits for multiple industries, the center says."However, energy costs alone are not enough to attract investments to Estonia or for their successful development," Varblane went on, adding raw materials, workforce considerations and logistics are among the crucial areas in attracting investments.For example, a woody biomass biorefinery could produce materials suitable for packaging and fabrics; methanol and rare earth metals hold significant potential for high-tech industries.The report also calls for evaluating foreign investments based on their ability to meet value-added and climate goals, potentially setting thresholds for investments of this kind.The Foresight Centre is a Riigikogu-based think tank which analyses socio-economic trends and builds future scenarios. The center researches a range of topics in order to anticipate emerging trends and potential disruptions.The rare earths are 17 elements with unusual properties which make them very useful when alloyed, or mixed, in small quantities, with more common metals such as iron. They are often used in magnet production, as catalysts and in the petroleum industry, and their scope of applications is expanding.
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