July 18, 2024In a new report, “Copper Mining and Vehicle Electrification,” the IEF has labelled copper as the mineral most fundamental to the human future because it is essential to electricity generation, distribution and storage.
The IEF is the world’s largest international organisation of energy ministers with 72 countries represented including both producing and consuming nations.
Copper shortage
The IEF report suggests that copper availability and demand will determine the rate of electrification, a foundation of current climate policy across the globe.
However, results from numerous studies have raised concerns that copper supply cannot meet the critical metal’s demands for both the green energy transition and equitable global development.
IEF findings suggest that 115% more copper must be mined in the next 30 years than has been produced historically just to meet business-as-usual trends.
To electrify the global EV fleet requires bringing 55% more new mines into production than would otherwise be needed.
