While efforts to say goodbye to fossil fuels continue at full speed, humanity is preparing to take a step towards a completely electric future. Renewable energy sources and all vehicles using these sources need copper. The problems experienced in the supply of copper element is the biggest obstacle against zero emissions. In this case, it seems to create a new energy crisis.
The world is facing the copper crisis
Electric vehicles, renewable energy sources and energy storage batteries need copper. An electric car needs 2.5 times more copper than an internal combustion vehicle. In addition, 2 to 5 times more copper is used in solar and wind power plants than in plants that generate electricity using natural gas or coal.
Thanks to its electrical conductivity and low reactivity, copper also plays a key role in the infrastructure carrying renewable energy. Its uses include cables, transistors and inverters. According to the report published by S&P Global, green energy targets will be disrupted unless significant new supply is provided.
According to the report, it is estimated that copper demand will almost double to reach 50 million tons by 2035. By 2050, the demand will exceed 53 million tons. To explain this figure more clearly, S&P Global noted that this amount is “more than all the copper consumed in the world between 1900 and 2021”.
Renewable energy distribution accounts for most of the demand growth. S&P Global; It predicts that the amount of copper needed for electric vehicles, wind power, solar power and batteries will triple by 2035. With the increase in demand from other areas, the need for copper will rise to unprecedented levels.
Unfortunately, it is not so simple to build new copper mines. According to the International Energy Agency, it takes an average of 16 years for a new copper mine to start working. For now, increasing production and accelerating recycling at existing mines may meet some of the high demand.
However, the report predicts that even in production increase and recycling scenarios, copper demand will not be met by 2050. Copper, on the other hand, has reached its lowest level since November 2020. With the increase in demand in the coming period, copper prices may increase significantly.
If this problem is not resolved, it seems that the transition to green energy will be delayed significantly. So what do you think about this possible energy crisis? You can share your views with us in the comments section.
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