The forecast lays bare the growing tension over where and how the world can procure metals for the green energy transition, including copper, one of the best electrical-conducting metals that is widely used in motors, batteries and wiring.
"There is no way for the world to meet the terms of the Paris climate agreement if we don't have an increase in the supply of copper and other metals," Joshua Meyer of mining equipment maker FLSmidth Regulatory approval for new copper mines has fallen to the lowest in a decade, according to Goldman Sachs
Much of the new demand is expected to come from electric vehicles, which are built with far more copper than internal combustion engines. But without enough copper, EV manufacturers could use less than expected or even turn to aluminum, analysts warned.