Copper is the new oilIn 2021, Goldman Sachs declared copper “the new oil,” highlighting its essential role in clean energy technologies. Two years later, the IMF forecasted that copper demand will rise by over 66% from 2020 to 2040 as the world transitions away from oil.
Copper is critical for a wide range of applications, including the electrical grid, electric vehicles (EVs), and renewable energy technologies. Beyond clean energy, copper is also extensively used in industries such as construction, infrastructure, and defense due to its unique properties.
As a result, global copper demand is projected to grow from 25.9 million tonnes in 2023 to 39.1 million tonnes by 2040 under a net-zero emissions scenario that limits average temperature increases to 1.5°C above pre-industrial levels.