Global copper supplies will fall 30% short of the amount required by 2035 if nothing is done!

Demand for copper, needed for the transition to a low-carbon world, will outstrip supply within the next decade, according to the global energy watchdog.

Supplies of the metal, a key component of every form of electrical energy system at present, will fall 30% short of the amount required by 2035 if nothing is done, analysis by the International Energy Agency predicts.

Fatih Birol, the executive director of the IEA, said: “This will be a major challenge. It’s time to sound the alarm.”

He said developed countries should aim to do more of the refining of copper and other key metals needed for industry, and form partnerships with developing countries to do so.

Critical minerals that are necessary for manufacturing solar panels and wind turbines, and transforming the global energy system, are overwhelmingly being refined in China, though they are mined in many locations, including Africa, Australia and Latin America.

China processes more than 70% on average of the world’s top 20 minerals needed in the energy industry, according to IEA data. Elements such as cobalt, gallium, lithium and manganese are used in the production of batteries and electrical components needed for renewable energy generation.

This stranglehold is increasing, even though the prices of many critical minerals have fallen from the highs of 2021 and 2022, when the shock of the Covid pandemic created a supply crunch. The average share of the top suppliers is expected to decline only marginally over the next decade.

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