Environmentalists urge to refuse to extract gold — and this is quite real
The future is in gold recycling
The global gold mining industry produces more harmful gases in a year than all passenger flights between European countries. Metal mining also accounts for 38% of annual global mercury emissions. They cause millions of workers to suffer from chronic poisoning that can cause various diseases.
There is enough recycled metal for industry and jewelry making
In the study, scientists modeled hypothetical scenarios in which the need for metal mining could decline. The model showed that existing gold could be used in the dental and IT industries for centuries, even if all mining stopped tomorrow.
The researchers also found that jewelry could be produced from recycled gold. Buyers are likely to switch to cheaper (and more durable) alloys, which are already popular.
Investment gold will only get more expensive
The role the metal plays in the global economy is likely to remain the same under any scenario. Like Renaissance art, gold is valuable precisely because it is scarce. Cessation of mining will not stop the buying and selling process for bank vaults, but instead will make existing reserves more valuable.
Inspiration can be found in other transitions
Like gold, fossil fuel extraction also harms the environment. The main difference, however, is that oil, gas, and coal give people heat, energy, and fertilizer. They are difficult to replace quickly. Switching to other resources took decades of research and investment in clean energy technology. The process is still ongoing.
Finding substitutes for gold does not require sophisticated research. Jewelry can be made more environmentally friendly simply by mixing it with other metals. Investors can replace stocks with other assets. And the industry can continue to use recycled gold in difficult-to-replace applications. Already, nearly 25% of annual demand for the metal is closed through recycling.
Steps to ending mining
A responsible reduction in gold mining will take time. Experts believe that it is worth taking care of it today, and some companies have already heeded their advice. For example, major jewelry brands have committed to use only recycled metal by 2025. Apple has set the same goal for itself by 2030.
To reduce supply, the world must stop mining exclusively gold. The focus could be on copper mines, where the metal is extracted as a byproduct. Environmentalists advise investors to stop investing in new mines. Their call is aimed at financial groups such as the World Bank, which since 2010 has invested $800 million in gold mining in Africa, Asia, South America and the Pacific islands.
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