COPPER SHORTAGE GETTING REAL
January 24, 2023
Some of the world’s largest mining companies and metal traders are warning that by 2025, a massive shortfall will emerge for copper, which is now the world’s most critical metal due to its essential role in the green economy. The deficit will be so large, The Financial Post stated last September, that it could itself hold back global growth, stoke inflation by raising manufacturing costs and throw global climate goals off course.
How big are we talking? Well, the speed at which copper demand outpaces supply will depend on the successful meeting of net-zero emission goals. According to a 2022 study by S&P Global, these goals will double the demand for copper to 50 million tonnes annually by 2035. Bloomberg New Energy Finance predicts demand will increase by more than 50% from 2022 to 2040.
Along with the usual applications, in construction wiring and plumbing, transportation, power transmission and communications, there is the added demand for copper in electric vehicles and renewable energy systems.
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