Leaders from all over the world have big plans to battle climate change.
The U.S. just pledged to reduce emissions by up to 52% over the next several years. Europe wants to cut CO2 emissions by up to 55% by 2030. China says it’ll stop releasing CO2 in the next 40 years. In doing so, many are pushing for millions of electric vehicles, for example.
In fact, by 2030, according to the International Energy Agency (IEA), the world could see up to 145 million EVs on roads all around the world – less than 10 years from now on the global push.
There’s just one problem.
The world is running short of supply of copper.
We’re already seeing a shortfall of copper, arguably the most critical metal for today’s economies, as demand gains momentum.
According to Wood Mackenzie, as noted by NS Energy.
“By 2040, we predict that passenger electric vehicles will consume more than 3.7 million tonnes of copper every year. In comparison, passenger internal combustion engine vehicles will need just over 1 million tonnes. “If we look at cumulative demand between now and 2040, passenger electric vehicles will consume 35.4 million tonnes of copper – around 5 million tonnes more than is required to meet current passenger internal combustion engine demand.”