BHP, a leading global resources company, has projected a 70 percent increase in worldwide copper demand by 2050. This impressive forecast is largely driven by the global green energy transition. Copper, owing to its excellent conductivity and reliability, is an essential component in technologies that underpin the rollout of renewable energy and electric vehicles, thus making it a key player in the pact to mitigate climate change.
The electrification of transport systems and the integration of renewable energy sources in power generation are critical to reducing carbon emissions, which is a global necessity to combat climate change. This shift necessitates vast amounts of copper, increasing the current global copper demand. This increasing demand has been backed by the fact that copper is a crucial component in electric cars, charging stations, and wind and solar technologies because of its high conductivity of electricity and resistance to corrosion.
Electric vehicles and charging station infrastructure pose a significant surge in the demand for copper. According to research, electric vehicles contain approximately four times more copper than combustion engine vehicles. Additionally, each new charging point represents further demand for copper. This explosion in electric vehicle uptake means a boom in copper consumption. Remarkably, BHP’s data forecasts that by 2035, electric cars and hybrid vehicles will account for 50 percent of all car sales, further propelling the demand for copper.
In terms of renewable energy generation, copper is an indispensable ingredient in both wind and solar technologies. A single wind turbine can contain up to 4.7 tonnes of copper, while solar photovoltaic cells also require considerable quantities of copper. Given the global push for renewable energy, the outlook for copper consumption in these sectors is markedly robust.
Furthermore, copper plays a vital role in electricity transmission and distribution networks due to its ability to conduct electricity more efficiently than any other commercially viable material. These networks will need to expand and modernize in order to accommodate the increased electrification of energy and transport systems, leading to an ever-growing demand for copper.
Moreover, in addition to renewable energy and transport, Copper also takes central stage in powering and connecting our digital world. It is crucial in data centres, semiconductors, mobiles, and high-performance computing – all sectors that are predicted to grow significantly in the coming decades.
Despite the booming demand, the process of mining copper is a complex one. It is a long and costly process to transform copper resources into a diggable ore body, refined and produced as a finished, market-ready commodity. BHP, however,
