A 2020 MSCI survey showed
381 per kWh in 2010 to $0.068 per kWh in 2019, a drop of more than 82%. Similarly, onshore wind costs fell from $0.089 per kWh in 2010 to $0.053 per kWh in 2019. Reducing costs is critical for mining operations, which are energy-intensive and often located in remote areas. Solar and wind installations can offset much of the high costs associated with diesel generators, which can range from $0.15 to $0.30 per kilowatt-hour, depending on location and fuel transportation costs.
Tax incentives and financial support Many countries offer significantsaudi data tax incentives to increase the financial viability of renewable energy projects in the mining industry. In the United States, the solar investment tax credit (ITC) allows 26% of installation costs to be deducted from federal taxes. Canada offers an accelerated capital cost allowance for clean energy equipment, allowing companies to write off 100% of their investment in the first year. Increased investment attractiveness Sustainability metrics are increasingly influencing investment decisions.
A 2020 MSCI survey showed that 52% of institutional investors consider ESG factors in their portfolio construction, up from 36% in 2018. In addition, S&P Global pointed out that companies with higher ESG scores generally show lower debt and equity costs; mining companies committed to sustainable practices tend to enjoy more favorable financing terms. Regulatory compliance and risk mitigation Adopting renewable energy can significantly reduce compliance costs and risks associated with environmental regulations. For example, in the EU, the Carbon Border Adjustment Mechanism (CBAM) will impose costs on the import of carbon-intensive products.
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