Scarcity of Natural Resources - Thalia Fry

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Thalia Fry

Description

As global warming persists; it is possible that resource scarcity could have large impactions on the global industrial system. As population grows, so does demand for products comprised of resources in danger of scarcity. Some scarce materials used in many products include metals, minerals, and fossil resources, which cannot be created by humans, only by way of mining the earth. In addition, water and mineral-rich soil are in danger of scarcity due to climate change and agricultural pollutants. Should we run out of such resources, manufacturers could not sustain mass production as they do today. In this instance, prices of mass-produced goods utilizing precious natural resources would soar, causing a global economic disruption.

Enablers

Supply scarcity can be attributed to crop failures due to changes in weather, or if a natural resource has been polluted or tainted by its enviroment. Over mining of oil and metals that cannot be replicated are eventually likely as there is a limited reserve of such substances on earth.

Inhibitors

Smart factories allow for the most efficient uses of raw materials, which would translate to an emphasis on sustainability and cost reduction. Alternative metals and materials are in the process of being developed to aid this issue.

Paradigms

Old: Climate change and resource scarcity is not a concern.

New: Alternative fuels are in development to combat resource scarcity.

Experts

Dave Young, Rich Hutchinson and Martin Reeves

Timing

1970

Beginning of documented global ecological deficit

2020

Since 1970 world population has doubled, GDP has grown tenfold, agricultural and industrial population had grown vastly

2030

Global demand for natural materials is projected to double the approximate needs of the year 2010

2035

By this year demand for phosphorus may out match supply available

2050

Global material extraction has increased by 119% since 1900 by 2050

Web Resources

https://www.kuka.com/en-de/future-production/sfpl/megatrends/scarcity-of-resources

https://www.economicshelp.org/blog/151207/economics/causes-of-resource-scarcity/

https://media.rff.org/documents/RFF-IB-00-tahvonen.pdf

https://hbr.org/2021/07/the-green-economy-has-a-resource-scarcity-problem

https://knowledge4policy.ec.europa.eu/foresight/topic/aggravating-resource-scarcity/more-developments-relevant-aggravating-resource-scarcity_en