Green energy transition to trigger surge in copper demand — Oilprice

Global copper demand is projected to rise sharply in the coming years due to its critical role in renewable energy projects and power transmission infrastructure. Mining giant BHP forecasts a 70% increase in copper demand, reaching 50 million metric tons by 2050, driven by the global rollout of electric vehicles and renewable energy systems, Oilprice reports.

However, the International Energy Agency (IEA) warns that copper demand could outstrip supply as nations accelerate their clean energy transitions. By 2035, the market could face a 30% supply shortfall unless significant investments are made in new mining projects. IEA Executive Director Fatih Birol stressed the urgent need to scale up copper recycling and production of other critical minerals to support the global energy shift.

With copper demand set to grow rapidly for decades, the green transition will require massive investments in mining capacity expansion worldwide, according to the outlet.