Copper shortage could hamper global NetZero ambitions, a report by SPGCIMetals has found resources investment mining emissions environmental
PERTH – A new study by analyst S&P Global has found that meeting the net zero emissions target by 2050 could be “short-circuited and remain out of reach” unless significant new copper supply comes online in a timely way.
The demand surge will be driven, in large part, by the rapid, large-scale deployment of technologies such as electric vehicles, charging infrastructure, solar PV, wind and batteries. Notably, growth in new copper supply capacity, from new mines or expansions of existing projects, would unlikely be able to keep pace with the surge in demand, the study stated.
S&P stated that under current trends, whereby both capacity utilization and recycling rates remain at their current 10-year global average, the study’s Rocky Road Scenario projects annual supply shortfalls that reach nearly 10-million metric tons in 2035. That is equivalent to 20% of the demand projected to be required for a 2050 net-zero world.
“This comprehensive analysis demonstrates that, even at the outer edge of what could happen in copper mining and refining operations, there would not be enough supply to meet the demands of a Net-Zero Emissions by 2050 world,” said S&P Global Market Intelligence executive director, economics and country risk“Even strong price signals and incentivizing policy initiatives, aggressive capacity utilization rates and all-time-high recycling rates would not be enough to close the gap.
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