Global copper supply projected to fall 30% short of demand by 2035, IEA warns | Renewable energy
The demand for copper, required to move to the low -carbon world, will outperform the offer during the next decade, according to Global Energy Watchdog.
The supplies of the metal, which is a major component of each form of electrical power system at the present time, will decrease by 30 % of the amount required by 2035 if nothing is done, The International Energy Agency analysis predicts.
“This will be a big challenge. It is time to look at the warning,” said Vielet Birol, IEA CEO.
He said that developed countries should aim to make more effort from copper refining and other major minerals needed for the industry, and to form partnerships with developing countries to do so.
The critical metals necessary to manufacture solar panels and wind turbines, and the conversion of the global energy system, is improved by an overwhelming majority in China, although they are Mining in many sites, including Africa, Australia and Latin America.
China processes more than 70 % on average of the best 20 minerals in the world needed in the energy industry, according to IEA data. Elements such as cobalt, muleum, legium and manganese are used in the production of batteries and electrical components The necessary to generate renewable energy.
This screw is increasing, although the prices of many critical minerals decreased from their highest levels in 2021 and 2022, when the shock of the roaming epidemic created the show crisis. It is expected that the average share of the great suppliers will decrease only in the next decade.
Perol said that more effort should be made to increase critical metal supply if the world turns into a low -carbon economy.
“Diversification is the key,” he said. “The United Kingdom, Europe, Japan, the United States and South Korea – technology is present. Africa, Latin America has resources. There can be international cooperation between countries.”
He added that governments should intervene, because the market forces alone will not solve the problem. “There is a need for government policies, to support new expatriates [in the market]He said.
Developing these industries and commercial links Diversify the global offer Putting and high prices, such as those seen in 2021, may prevent the costs, then this will be a major obstacle, if not the most important, turned into a green economy. “This is a major major issue.”
He added that copper should be a major concern. It takes average 17 years of discovering new deposits to Metal.
“We have analyzed all copper mining, in Latin America, Africa, Australia – all pipelines,” said Perol. “[Rising costs would] Make the cost of green transition much higher, and may lead to delay. “
But he said that if governments take quick measures, they can reduce the expected deficiency. “[A supply crunch] Not definitely. We can soften it if we move very quickly, by setting new projects to market them very quickly, by recycling copper, and replacing copper with other minerals such as aluminum, to reduce the problem. “
Building China from electricity networks, as it is It moves to clean energy and the manufacture of clean technology components Like solar panels and wind turbines, the largest factor behind the sharp increase in copper demand was in recent years.
The need for other critical minerals increased quickly. The demand for lithium increased by about 30 % last year.
IEA warned that any display disorder will be dangerous, not only for the transmission of green energy but also to the wider global economy.
“The effect of the shock of the critical metal supply can be long -range, which leads to high prices of consumers and reduce industrial competitiveness,” According to the report.
“The continuous shock of battery minerals may increase the world battery packages by up to 40-50 %.”
