Insight
Cobalt outlook under an accelerated energy transition
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Report summary
To limit global warming to 1.5 °C, in line with the Paris Agreement, the energy transition must accelerate. The world has the means, motive and opportunity to do so. Cobalt is a critical enabler for such transition. This insight provides a comparative analysis of the cobalt market under Wood Mackenzie’s accelerated energy transition scenario (AET-1.5) and the base case scenario (WM ETO). The potential impacts of AET.1.5 on future capital investment and prices are also explored.
Table of contents
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Key takeaways
- Demand: electric vehicles, energy storage, magnets and superalloys are major growth areas.
- Supply: deficiencies will appear both upstream and downstream.
- Capital requirements: the cobalt industry will face a trilemma to fulfil demand requirements.
- Prices: a 1.5 °C pathway will bring more volatility in cobalt prices.
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