Green Mining Market: By Type (Underground and Surface), By Technology (Emission Reduction, Power Reduction, Water Reduction, Fuel & Maintenance Reduction, and Others), By Minerals Extracted (Precious Metals, Mineral Fuels, Industrial Metals, Ferro Alloys, and Non-Ferrous Metals), and By Geography (North America, Europe, Asia Pacific, Latin America, and MEA), and Forecast to 2030.

Green Mining Market size was USD 12.5 billion in 2023 and is expected to reach USD 15.9 billion in 2030 and multiply at a CAGR of 3.5% during the forecast period. The green mining market refers to a segment within the mining industry that focuses on reducing the environmental impact of mining operations. Mining traditionally has significant environmental consequences such as habitat destruction, soil erosion, water pollution, and greenhouse gas emissions. Some key advantages of green mining include power reduction, fuel and maintenance reduction, emission reduction, water conservation, and mining closure. The growing emphasis on eco-friendly and sustainable practices in mining is driven by key market factors that are enhancing industry growth. Governments globally are taking initiatives to encourage sustainable mining practices.

Given the mining industry's extensive connections to various sectors of the economy, transitioning to more sustainable practices not only enhances environmental performance within current linkages but also fosters the development of new ones. For instance, the Bipartisan Infrastructure Law allocated up to $450 million to the U.S. Department of Energy in April 2023. This funding is designated to support the implementation of clean energy demonstration projects on both past and present mining sites. However, the green mining market faces challenges such as high initial costs, technological complexities, and stringent regulatory requirements. Public perception, resource availability, and long payback periods for investments also pose significant restraints to its growth and adoption.

Green Mining Market Key Developments:

• In February 2024, Anglo American announced that its Barro Alto nickel mines and Minas-Rio iron ore in Brazil have been evaluated according to the Initiative for Responsible Mining Assurance's (IRMA) mining standard. The mines have successfully achieved the IRMA 75 standard of performance, which demonstrates the company's commitment to sustainability and transparency in its pursuit of responsible metal production.
• In April 2023, the International Council on Mining and Metals (ICMM) released a new report on the progress of the mining industry towards a net-zero future. The report found that the industry is on track to reduce its emissions by 26% by 2030, but more needs to be done to achieve net zero by 2050.
• In March 2023, the World Bank announced a new $1 billion fund to support the development of green mining projects in developing countries. The fund will focus on projects that reduce greenhouse gas emissions, improve water management, and protect biodiversity.