And so it is that as the world scrambles to cut carbon emissions and electrify the transport system, the power sector, and building stock, copper has emerged as the golden metal of choice. Its superior conductivity makes it essential in renewable energy applications, electric vehicles, and power distribution systems.
However, the soaring demand for copper is putting pressure on global inventory, prompting questions about how much of this versatile metal will be available to underpin the energy transition. The copper industry is facing a dense field of problems that may affect its capacity to satisfy global demand, which could undermine endeavors to address climate change and advance the transformation of energy systems.The following 25 years will see copper demand soar beyond historical levels, leading to unprecedented supply challenges.
The overall consumption rate of copper is growing at an unprecedented pace worldwide, and more so because of its use in renewable energy and electric vehicle sectors. In the S&P global report that was recently released, the assumption is that for the next twenty-five years, copper demand will hit the market, and it will be more than double the cumulative demand for copper that has ever existed.
As many analysts have indicated, it has put a lot of pressure on the mining industry; for instance, they believe there will be a supply shortage of millions of tonnes in the next few years. The scenario has become so dire that Goldman Sachs stated there should be “no decarbonization without copper” and called the metal “the new oil.”
The supply and demand imbalance is not only driving prices up to record highs but also questioning the achievability of global climate targets and the transition to a green economy. This impending scarcity further underlines the importance of developing new mining technologies, boosting the recycling rates and possible substitutes for copper across numerous industries. More of this article (Econews) - link - more like this (metals) - link - more like this (metals) - link
The overall consumption rate of copper is growing at an unprecedented pace worldwide, and more so because of its use in renewable energy and electric vehicle sectors. In the S&P global report that was recently released, the assumption is that for the next twenty-five years, copper demand will hit the market, and it will be more than double the cumulative demand for copper that has ever existed.
As many analysts have indicated, it has put a lot of pressure on the mining industry; for instance, they believe there will be a supply shortage of millions of tonnes in the next few years. The scenario has become so dire that Goldman Sachs stated there should be “no decarbonization without copper” and called the metal “the new oil.”
The supply and demand imbalance is not only driving prices up to record highs but also questioning the achievability of global climate targets and the transition to a green economy. This impending scarcity further underlines the importance of developing new mining technologies, boosting the recycling rates and possible substitutes for copper across numerous industries. More of this article (Econews) - link - more like this (metals) - link - more like this (metals) - link
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