Copper shortages will be so severe and prices so high in coming years that they risk delaying the global shift away from fossil fuels, according to a study commissioned by S&P Global.
Don’t let copper’s latest rout fool you: Supply shortages will be so severe and prices so high in coming years that they risk delaying the global shift away from fossil fuels.
“Either supply miraculously appears or the goal of energy transition just gets pushed out further,” said S&P Global Vice Chairman Dan Yergin. Longer term, though, the equation changes. Demand is set to reach around 50 million tons by 2035 from 25 million today, the S&P Global study found. With new deposits trickier and pricier to find and develop, the main sources of new supply would come from recycling and gains at existing mines.
The S&P research was commissioned in response to concerns raised by governments and multilateral agencies over minerals needed to meet climate goals, and was supported by copper producers including Anglo American Plc and BHP Group. It found that the burgeoning supply gap would increase the US’s reliance on copper imports from 44% to as much as 67% by 2035.
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