It is vital note that the drive to towards renewable energy places mineral at the frontal role. Each type of renewable energy uses critical minerals in varying quantities, depending on the properties needed.

Aluminium and copper are most common in solar energy; iron and zinc in wind energy; nickel and chromium in geothermal energy; and graphite, nickel, and cobalt in producing electric batteries.

But what are those critical material ??? According to the World’s Economic Forum,  they are;

1. Lithium

Lithium is a vital ingredient for energy storage in both batteries and electric vehicles. It is deemed a “pillar for a fossil fuel-free economy” by the United Nations, lithium is expected to  replace fossil fuels as the world’s dominant commodity in coming years as demand for the alkali metal grows.

Already a major component of the electric mobility movement, lithium and the batteries it powers is integral to both the transport and energy sectors.

However, while the use of lithium-ion batteries is well known within the electric vehicle sector, why is lithium important for renewable energy?

As many people know, the global demand for lithium is on the rise, driven by the increasing adoption of electric vehicles (EVs) and renewable energy storage solutions.

Without lithium, the efficiency and ability to implement renewable energy will be limited. As such, the element is critical to the development of low-carbon power opportunities across the world, and will dictate how fast the global transition can happen.

Especially for nations with high intermittency, increasing energy needs, or demand for self-reliance, lithium-ion batteries for energy storage provide the perfect solution to maximize the use of solar, wind, and tidal energy and dependency on fossil fuels.

The shift to renewable power can only be successful with the use of lithium.

The negotiations that took place at the 2021 UN climate conference (COP26) showcased the steps needed to reach net-zero goals: improving renewable energy infrastructure, divesting from fossil fuels, increasing renewable energy capacity, and developing energy storage systems for grid-scale use.

2. Cobalt

Cobalt is crucial in helping batteries charge and discharge effectively. Cobalt is used in many alloys & super alloys to make parts in aircraft engines, gas turbines, high-speed steels, corrosion-resistant alloys, and cemented carbides; it is used in magnets and magnetic recording media. It is also used as a catalyst for the petroleum and chemical industries.

Cobalt plays an important role in renewable biogas technology. Biogas is a methane-based energy carrier and is widely used for delocalised electricity and heat production or as a renewable replacement for natural gas.

Biogas is an environmental technology which produces energy-rich gases by degrading complex organic materials including those found in landfill waste, sewage sludge, bio-waste treatment and certain species of crops.

The fermentation involved in biogas production can be improved by adding small amounts of cobalt sulphate, cobalt chloride, cobalt carbonate,

3. Copper

Copper is a highly efficient conduit, it is used in renewable energy systems to generate power from solar, hydro, thermal and wind energy across the world. Copper helps reduce CO2 emissions and lowers the amount energy needed to produce electricity.

In many renewable energy systems, there is 6 times more copper than in traditional systems. Copper is one of the best renewable resources.

It is one of the few materials that can be recycled over and over again without a loss in performance.

Renewable energy sources provide nearly one-quarter of the world’s power, and copper plays an important role in making it as efficient as possible with minimal impact on the environment.

Copper is well-known for its strong sustainability credentials. Not only is the red metal supporting the shift to a circular economy, but it’s also helping to accelerate the transition to renewable energy.

A key component of electrical wiring, copper plays an important role in the capture, storage and transmission of renewable energy.  Meanwhile, the demand for copper is already on the rise and will continue to grow as the green energy transition gathers pace.

4. Nickel

Nickel is a core component in both batteries and wind turbines. The role of nickel within the renewable energy revolution explores how the industry is working to mitigate its environmental impact.

As the global society makes strides towards a more sustainable future, certain industries and their components have been thrust to the forefront of these efforts.

The metals industry, with a particular emphasis on nickel, plays an essential role in supporting this progression. This is primarily due to its extensive utilization of renewable energy technologies and battery production.

These technologies are key elements in implementing clean energy solutions such as geothermal power, electric vehicles (EVs), and nuclear energy, among others.

Notwithstanding its inherently energy-intensive production process, nickel’s recyclability makes it instrumental in fostering a circular economy where resources are used optimally, and waste generation is minimised.

5. Rare earth metals

Rare earth minerals are major components of renewable energy technologies, however, the types and quantity of minerals required vary by technology.

Neodymium and praseodymium, for example, are used in the production of magnets which are key to the operation of wind turbines and EV motors.

Those elements strengthen the magnets, while other minerals (dysprosium and terbium) make them resistant to demagnetization.

Likewise, while silicon is still the dominant semiconductor metal used in solar PV cells, rare earth minerals cadmium and gallium are increasingly being used due to their conductive deficiencies.

Without an abundance of rare earth minerals, renewable energy technologies would not exist in their current form or would be highly inefficient when compared with traditional generation methods such as oil, coal and gas.

Similarly, technological advancements such as those between silicon solar PV and cadmium or gallium solar PV cells, could not occur.

It is due to the availability of large amounts of rare earth minerals for use in renewable energy technologies (and other technology advancements) that the market and quality of renewable energy sources have been able to flourish.

For records, the United States has the world’s largest proven coal reserves. It is also rich in copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber, and arable land.

Again, Russia’s natural resources reserves are worth $75 trillion by Statista’s estimate. This amount incorporates, among other things, coal, oil, natural gas, gold, timber, and rare earth metals.

Russia’s Ministry of Natural Resources and the Environment estimated the total value of the country’s mineral reserves at the end of 2018 to equal $1.44 trillion.

It also holds the world’s largest proved natural gas reserves at 1.32 quadrillion cubic feet, accounting for nearly 20% of the global total as of 2020.

Russia also has the second largest gold reserves at 6,800 tons, or more than 13% of global total as of 2023. Russia was the world’s third-largest crude oil producer at 12% of global supply in 2020.

Russia proved oil reserves were the world’s sixth largest at an estimated 107.8 billion barrels. In industrial diamonds, the country accounted for 37% of 2022 global production and 46% of the commodity’s reserves.

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YOUR VIEW: Which of these materials do you think will affect global economy the most?

It’s reputed to be the second largest religion in the world. Yet, this enormous population has been excluded from decentralized finance. What about DeFi and Cryptocurrency going against Sharia law?

What are the Islamic financial principles and why are some crypto(s) deemed haram? Are decentralized financial tools considered hala and if so, which ones and why? 

These and many others questions have more often than none divide Muslim Scholars, expert in Islamic Finance and many others, with each providing different solution from different vantage points.

The perspectives make the bugging open ended, debatable and not a kind of Yes/No stance.

Perhaps, cryptocurrency is one of the wonderful invention of the 21st Century, coming closely after the internet revolution and other invention of significance.

A wonderful invention or “financial Instrument” in the sense of its so many unanswered questions, inferred cum implied answers among other things surrounding it.

As of 2023, data reveal that global crypto ownership rates at an average of 4.2%, with over 420 million crypto users worldwide.

Just as the consumers from countries in Africa, Asia, and South America were projected to most likely to be an owners of cryptocurrencies, such as Bitcoin, in 2023.

This conclusion was reached after combining 55 different surveys from the Statista’s Consumer Insights over the course of that year.

Nearly one out of three respondents to Statista’s survey in Nigeria, mentioned they either owned or use a digital coin, as opposed to six out of 100 respondents in the United States.

This is a significant change from a list that looks at the Bitcoin (BTC) trading volume in 44 countries: There, the United States and Russia were said to have traded the highest amounts of this particular virtual coin.

Nevertheless, African and Latin American countries are noticeable entries in that list too.

But are there insightful guide to lay hold on from the holy books most especially Qua-ran, to lay hold on, on the subject matter of discuss?

As a complete book, reputed to having an accurate record of the past and setting the pace for the future, like on any other subject for which it has always been an encyclopaedia of truth,  it does offers some insightful  tips on  money, and management matters.

One of such, is Quran 2: 276:  “Allah will deprived usury of all blessings, but will give increase for good deeds of charity” a foot note explanation of the above pointed out that  Allah’s messenger, cursed the accepter  of interest and it payers, and one who record it, and the two witness; and he said they are equal.

Islam is clear on some social, economic and political issues. For instance, the free market principle is not an Islamic principle.

Islam considers commodities that can be used as currency: Gold, (Dinar), Silver ( Silver Dirham), Dates, Wheat, Barley, and salt.

The mentioned six items are derived from a hadith – Gold, Silver, Dates, Wheat, Barley, and Salt and were used for money in barter system; as the items mentioned in Hadith, also known as Sunnah money.

On the other side, paper money or electronic money can be used as long as, it is backed by one of these commodities at a ‘fixed exchange rates’ (in order words the paper is just a contract stipulating that the bearer can redeem the paper for a fixed measure (weight) of that particular commodity.

It is interesting to know that until 1971 most of the currencies of the world were backed by gold.

However, only, government could redeem paper, not an average citizen. The price of commodity is set by the market as long as fiat currency (paper) is not used.

The price / value of commodities can be manipulated, adjusted by the creators of fiat money (by virtue of the market law of supply and demand).

What remains indisputable is the fact that, as interest in Bitcoin and cryptocurrencies rises, so have the questions of Muslim investors wondering if they can invest in them while adhering to the principles of their faith.

In particular, is cryptocurrency halal — that is, “permissible” according to the Quran – or should ethical Muslims put their money elsewhere?

In the following paragraph, I shall present scholarly thought on the subject of our examination leaving the critical definition to your discretion. .

In 2018, Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a popular paper that affirmed that bitcoin is halal, a paper which many believe could be the reason for the surge in the price of bitcoin that followed.

Shortly after the paper titled ‘Shariah Analysis of Bitcoin, Cryptocurrency, and Blockchain Mufti Muhammad Abu-Bakar’, was published, a mosque in London started accepting Bitcoin for donations and Zakat contributions.

Today, many Islamic scholars and jurists that sit on the boards of national advisory teams, such as in Egypt and Turkey, do not consider cryptocurrency as halal for various reasons.

Mufti Taqi Usmani, a former judge of the supreme court of Pakistan, is representative of this side of the debate.

“Currencies are originally a medium of exchange, and making them a tradable commodity for profit earning is against the philosophy of Islamic economics”, Mufti Usmani said, ‘In Shariah, there is no valid reason to accept bitcoin or other cryptocurrencies as a currency. It is just an imaginary number, which is generated through a complex mathematical process. It is purchased for gambling or speculations, and used in illegal or unlawful transactions”.

But to Mufti Shawki Allam, the current Grand Mufti of Egypt, agrees.

“In my opinion, trading in cryptocurrency is haram,” Mufti Allam said. “This is because it is not approved by legitimate bodies, such as Treasury Departments of States, as an acceptable medium of exchange. Such currencies lead to ease in contraband trade and money laundering, and they amount to gambling”. 

The Directorate of Religious Affairs in Turkey also believes that “since cryptocurrencies are open to speculation, mostly used for illegal deeds, and far from state auditing and supervision, their trading is not appropriate at this point, in the light of Shariah.”

It is true that cryptocurrencies are not under the control of a central authority. Even though many countries are seeking to regulate the use of cryptocurrencies, they remain, by their very nature, decentralized.  As a result of the decentralisation and anonymity of cryptocurrencies, some bad actors have indeed used them to facilitate illegal transactions.

“The illicit use of cryptocurrencies are predominantly associated with money laundering purposes, the (online) trade of illicit goods and services, and fraud,” according to Europol, the Eu’s agency for law enforcement. An academic study published by Oxford Academic in 2019 also found that 25% of bitcoin users are involved in illegal activities, valued at $76 billion annually, constituting about 46% of all bitcoin transactions.

Furthermore, the Islamic Economic Forum, of Islamic Economists and Jurists, argues that “a cryptocurrency is permissible as long as it doesn’t breach Islamic prohibitions on interest, contractual uncertainty, and gambling,” says Dr. Humayon Dar, the director general of the Cambridge Institute of Islamic Finance and an Islamic finance product development specialist.

Dr. Humayon also agrees, even though he believes that the ambiguity and uncertainty around cryptocurrencies should lead to caution in assigning them any “halal” tag.

According to Sharia law, a contract is valid if there is a consideration, referred to as Mal. That is, there must be an exchange of something real that can be owned, possessed, stored, and traded. Since cryptos are real digital assets that can be owned, possessed, and stored on wallets and traded on exchanges, some Islamic scholars consider them halal.

Other Scholars also posited that the absence of interest (riba) is a core principle of Islamic finance.

Since cryptocurrencies do not charge interest, some Islamic scholars consider them halal. While cryptocurrencies are speculative, some experts, such as Mufti Abu-Bakar, a scholar of Islamic Jurisprudence, have argued that all financial assets are speculative. Even stocks, which are widely considered as being “halal”, can have significant volatility.

However, when it comes to Finance or investment concern, does religion matters?

Indonesia, the world’s largest Muslim-majority country, has banned cryptocurrency trading.

The Indonesian Ulema Council cited “elements of uncertainty and harm” within cryptocurrency, and the fact that it doesn’t have “a physical form, a clear value, [or] a known exact amount.”

The implication is that cryptocurrency that meets governmental rules will be allowed.

Another Islamic scholar, Dr Anas Amatayakul, advises that Muslims avoid buying or trading cryptocurrency “for now.” This leaves room for further innovation in cryptocurrency for Muslims — better regulation and less volatility may make the use of Crypto more permissible.

The most direct cost of widespread adoption of a crypto asset such as Bitcoin is to macroeconomic stability.

If goods and services were priced in both a real currency and a crypto asset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities.

Similarly, government revenues would be exposed to exchange rate risk if taxes were quoted in advance in a crypto asset, while expenditures remained mostly in the local currency, or vice versa.

But what is the position of the International Monetary Fund (IMF) about the subject of Cryptocurrency?

IMF has laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies such as Bitcoin legal tender status.

The global lender of last resort said its executive board had discussed a paper, “Elements of Effective Policies for Crypto Assets,” that provided “guidance to IMF member countries on key elements of an appropriate policy response to crypto assets”.

Such efforts have become a priority for authorities, the fund said, after the collapse of a number of crypto exchanges and assets over the last couple of years, adding that doing nothing was now “untenable”. The top recommendation was to “safeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status.”

The IMF had hit out at El Salvador in late 2021 when the central American country became the first to adopt Bitcoin as legal tender, a move since copied by the Central African Republic.

Other advice, which comes as G20 decision-makers meet in India, included guarding against excessive capital flows, adopting unambiguous tax rules and laws around crypto assets, and developing and enforcing oversight requirements for all crypto market actors.

Countries should also establish international arrangements to enhance supervision and enforce regulations, the IMF added, as well as set up ways to monitor crypto’s effect on the stability of the global monetary system.

Outlining its executive board’s assessment, the IMF said directors welcomed the proposals and agreed the widespread adoption of crypto assets “could undermine the effectiveness of monetary policy, circumvent capital flow management measures, and exacerbate fiscal risks”.

They “generally agreed,” too, that crypto assets should not be granted official currency or legal tender status, and though strict bans of assets are “not the first-best option,” a few directors thought they should not be ruled out.

One of the crucial questions many people have asked in the past is how much 30 pieces of Silver are worth in today’s market. That is the figure Judas Iscariot, one of his disciples collected from the Chief Priest to betray him.

According to the Silver Institute’s December 2022 supply and demand report, global physical silver demand in 2022 is expected to increase by 16% over the previous year’s level of 1.046 billion ounces to a record high of 1.21 billion ounces.

Determining the Value

Although it is crucial to comprehend the value – the real value of these coins rests in their symbolic importance as the price for Jesus Christ’s betrayal, not in their monetary value.

The price of 30 pieces of Silver will vary depending on some parameters, including the place and time of the transaction, the purity of the silver, labor, the cost of living in Jerusalem, and the piece weight.

Without more details, it is difficult to give a specific response because the price of silver has historically changed over time.

However, it is estimated that 30 pieces of Silver would be valued between $600 and $900 in today’s US Dollars if we assume the Silver coins were the common denarii used in ancient Rome and account for inflation and the metal’s fluctuating value.

On the other hand, at the time Priests demanded Tyrian Shekels as payment for the temple tax because they had the highest Silver content of any currency at 94%. This coin has 14 grams of Silver in it.

Today’s spot price for Silver is $.65 per gram. The Silver in these 30 coins would be worth $336 today. This would amount to N156,240, the official rate.

According to APMEX Investments, Silver spot price fluctuates constantly, making it important for investors to stay informed on current events, market conditions, and other performance indicators, as they affect both the  selling and purchasing of silver.