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Growing demand for copper from key parts of the energy transition — electric vehicles, solar and wind equipment, and power lines — will likely outstrip supply later this decade, potentially putting the goal of net zero carbon emissions in 2050 out of reach, according to S&P Global analysts.
The energy transition will help drive the total global demand for copper to about 50 million metric tons a year by 2035 from about 25 mmt today, the analysts said in a report released last Thursday.
However, even assuming record levels of mining and recycling, there won’t be enough copper to meet that demand, Daniel Yergin, S&P Global vice chairman, said during a presentation on the study. “This study is a wake-up call,” he said.
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