The rising global electricity costs have spurred the mining industry to shift towards renewable energy. In 2024, 38% of mining operations reported exclusive reliance on renewables, up from 26% in 2022. Miners in countries with abundant renewable energy resources, such as Iceland and Canada, can obtain relatively cheap energy, which helps to reduce energy costs and improve profitability. If the proportion of renewable energy use in the mining industry continues to increase, it will help to alleviate the negative impact of rising energy costs on investment returns.