Research and consultancy group Wood Makenzie says the global energy transition presents an almost unattainable mine supply challenge, with significant investment and price incentives required.
“In theory, higher prices should encourage project sanctioning and more supply. But the conditions for delivering projects are challenging, with political, social and environmental hurdles [that are] higher than ever. This is a level of investment only previously seen for a limited period from 2012 to 2016, following the China-induced commodity supercycle.
In theory, this price increase would be sufficient to close the supply gap and maintain market equilibrium.Under WoodMac’s accelerated energy transition scenario, or 1.5 ˚C scenario, there is a larger role for scrap to help meet future demand, but it will not solve the overall supply challenge.states that copper already relies substantially on the circular economy, with over a third of consumption derived from secondary sources.
The offshore wind segment will grow sevenfold by 2040 under WoodMac’s accelerated energy transition scenario, with wind power generation rising by an additional one-million tonnes of copper a year.
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