Copper Faces Supply Gap
Global demand for copper, essential to powering a low-carbon future, is expected to significantly outpace supply within the next decade, warns the International Energy Agency (IEA). The agency projects a 30% shortfall in copper supply by 2035 if corrective action isn’t taken. As a critical material used in virtually all electrical energy systems, copper is vital to the clean energy transition. IEA Executive Director Fatih Birol emphasized the urgency, calling it a “major challenge” and urging immediate attention.
Birol also highlighted the need for developed nations to expand their role in refining key minerals like copper, and to form equitable partnerships with developing countries. Currently, while many critical minerals are mined globally — from Africa to Latin America — China dominates the refining process, handling over 70% of the world’s top 20 energy-related minerals. These include cobalt, lithium, gallium, and manganese, all crucial for making batteries and components for solar, wind, and other renewable energy systems.