Reuters story on climate targets and Ni Cu Co Consultant Wood Mackenzie has run the numbers. Limiting global warming to 2 degrees Celsius above preindustrial levels implies 19 million tonnes of additional annual copper production by 2030, a 60% increase. Aluminium supply needs to jump 30%, nickel 50%, and lithium and cobalt 140% and 150% respectively. Limiting warming to 1.5 degrees Celsius implies an even greater supply hike.
Normally this would be an epic green light for miners to get digging. After an iron ore boom, giants like BHP (BHP.AX), (BHPB.L) and Rio Tinto (RIO.L), (RIO.AX) are awash with cash. But the gap between the investment that’s needed over the next 15 years and what’s signed off is almost $2 trillion, Wood Mackenzie says.
https://www.reuters.com/business/cop/forget-cop26-world-needs-copper-26-2021-11-05/