Insight
Copper energy transition outlook 2024
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Report summary
Copper will play an important role in achieving energy transition-related goals. The rapid uptake of clean technologies such as solar, wind, energy storage and electric vehicles plus related infrastructure will underpin future copper demand. The impact to total demand will be even larger if the deployment of clean energy is faster under the Net zero and Pledges scenario compared to the base case (ETO). Our analysis indicates that cathode consumption would be 7.8 Mt higher in 2040 under a Net zero scenario versus the Base case. This translates into an 8.1 Mt requirement by 2034 (14.4 Mt by 2040) for new copper supply from mining projects yet to be sanctioned compared to 4.4 Mt (9.6 Mt) under our base case.
Table of contents
- What are the implications for copper demand?
- How will the supply side respond?
- Scrap use will rise under Net zero
- What does the Net zero and Pledges scenario mean for prices?
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