Insight
Copper under an accelerated energy transition 1.5 °C scenario
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Copper has been at the forefront of all discussions surrounding the need to ramp-up metals supply to deliver on the aspirational energy transition-related goals. The uptake of rapid uptake of copper-intensive clean technologies such as solar, wind, energy storage and electric vehicles as well as related supporting infrastructure including the requirement to upgrade electricity grid networks, will underpin future copper demand besides the conventional end-uses. The impact to demand will be even larger if the deployment of these technologies is faster under the AET-1.5 scenario compared to the base case (ETO). Our analysis indicates that cathode consumption would be 3.7 Mt higher in 2032 under AET-1.5 versus the ETO. This translates into a 9.7 Mt requirement by 2032 for new copper supply from mining projects yet to be sanctioned compared to 6.5 Mt under our base case (ETO).
Table of contents
- What are the implications for copper demand?
- How will the supply side respond?
- Scrap use will rise under AET-1.5
- What does and AET-1.5 scenario mean for prices?
Tables and charts
This report includes the following images and tables:
- Supply gap under a base case and AET-1.5 demand scenario
- Copper price forecast: AET-1.5 and Base Case scenarios
What's included
This report contains:
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