Summary
– Achieving 100 percent electric vehicle adoption by 2035 requires an unprecedented acceleration in copper mining
– The IEF report emphasizes the importance of managing the transition to optimize copper supply for EV manufacturing
– The report suggests prioritizing economy-wide electrification and incentivizing new copper mine projects to support EV adoption
– The global vehicle fleet transitioning to hybrid electric vehicles would have a minor impact on copper demand compared to full EV adoption
– Copper demand for EV batteries could significantly increase the price of copper, impacting less developed areas and electricity needs
Article
The Secretary General of the International Energy Forum, Joseph McMonigle, stated that achieving 100 percent electric vehicle adoption by 2035 would require an unprecedented acceleration in copper mining. According to a new report by the IEF, limited supplies of copper could hinder the growth of electrification needs for electric vehicle batteries. To manage this transition, governments should prioritize economy-wide electrification and incentivize new copper mine projects to support the adoption of EVs.
The report “Copper Mining and Vehicle Electrification” by experts Lawrence M. Cathles and Adam C. Simon highlights the historical trends in copper demand and mine production. It projects that to meet the demands of electrification and achieve full EV adoption, the world would need to mine more copper in the next 30 years than in all of history until now. This would require an unprecedented increase in mine production, with the opening of 55 percent more new mines than currently expected.
Copper is essential for electricity generation, distribution, and storage, making electrification an effective way to reduce reliance on fossil fuels. However, the high copper requirements of electric car batteries may compete with the electricity needs of developing countries. The report notes that EVs require significantly more copper than hybrid electric or combustion engine vehicles, which could impact the price of copper and hinder progress in less developed regions.
The IEF report offers a detailed outlook on copper demand and supply, projecting a significant increase in required copper mining between 2018 and 2050. It emphasizes the importance of recognizing mining as essential, encouraging exploration, and responsible development of copper mines. However, the report also highlights constraints in lifting copper supply, such as limited access to mining land, low discovery rates, and lengthy lead times for mines to start production.
The mining industry will need to explore deeper to obtain the necessary copper resources, with underground projects like the Resolution copper mine in Arizona potentially playing a key role. Remote mining of deeper subsurface deposits could offer safer operations and a smaller environmental footprint. The report urges governments to support new copper mine projects and address obstacles in the permitting process to ensure an adequate supply of copper for the global transition to electrification.
Overall, achieving 100 percent electric vehicle adoption by 2035 will require a significant increase in copper mining to meet the demands of electrification. Governments must prioritize economy-wide electrification, incentivize new copper mine projects, and address constraints in the mining industry to ensure a smooth transition towards a more sustainable future. The report highlights the importance of managing this transition effectively to balance the growing needs of electrification with the availability of essential mineral resources like copper.
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