{"id":160327,"date":"2022-07-14T04:43:17","date_gmt":"2022-07-14T04:43:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160327"},"modified":"2022-07-14T04:43:17","modified_gmt":"2022-07-14T04:43:17","slug":"boosting-copper-output-the-biggest-contribution-australia-could-make-to-hitting-net-zero","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/boosting-copper-output-the-biggest-contribution-australia-could-make-to-hitting-net-zero\/","title":{"rendered":"Boosting copper output \u2018the biggest contribution Australia could make\u2019 to hitting net zero"},"content":{"rendered":"<h3>Key points<\/h3>\n<ul>\n<li>A new S&amp;P Global report has found global net zero emissions by 2050 targets will not be achieved unless copper supply is increased.<\/li>\n<li>Copper is used widely in clean energy technologies and electric vehicles.<\/li>\n<li>Global energy expert Daniel Yergin says the report is \u201ca wake-up call\u201d, with copper demand to double by 2035 and supply unable to keep up.<\/li>\n<li>Australia has the second-largest copper reserves in the world.<\/li>\n<li>Yergin said the demand for copper presents Australia with \u201ca big opportunity\u201d to contribute to achieving climate objectives.<\/li>\n<\/ul>\n<p>Global energy experts have called on Australia to urgently boost copper output, as shortages of the industrial metal threaten the ability of major economies to electrify transport and develop enough clean energy to hit net zero emissions targets.<\/p>\n<p>S&amp;P global vice chairman and energy expert Daniel Yergin said global copper demand will double from 25 million metric tonnes (MMt) currently to about 50 MMt by 2035 in order for the electrification technologies needed to decarbonise to be produced.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.095%2C$multiply_0.4431%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0\/t_crop_custom\/q_86%2Cf_auto\/9e9d28ebf31052f0f3136c038e8047770379248f\" height=\"224\" width=\"335\"><\/p>\n<p><span>Pulitzer Prize-winning author and energy expert Daniel Yergin has advised almost all US administrations since President Richard Nixon was in power.<\/span><cite class=\"ojLwA\"><span>Credit:<\/span>Jason Alden\/Bloomberg<\/cite><\/p>\n<p>\u201cUnless new supply for \u2018the metal of electrification\u2019 comes online in a timely way, net zero emissions by 2050 will be short-circuited and remain out of reach,\u201d the report said.<\/p>\n<p>Copper is already the third-most widely used metal in the global economy and is a key component in electricity transmission, EVs and renewable energy technology such as solar panels, wind power and batteries.<\/p>\n<p>But Yergin said output of the metal, which is also considered a bellwether for the global economy, would need to increase significantly and Australia can play a key role in achieving that.<\/p>\n<p>\u201cOne of the biggest contributions that Australia could make towards climate objectives is by increasing its output of copper,\u201d Yergin told <em>The Sydney Morning Herald<\/em> and <em>The Age<\/em>.<\/p>\n<p>\u201cCopper is the metal of electrification and it is the backbone for the energy transition.\u201d<\/p>\n<p>The report released on Thursday projects the \u201cunprecedented and untenable\u201d supply deficit \u2013 which could reach a 20 per cent shortfall by 2035 \u2013 will begin in 2025 and may become \u201ca key destabilising threat to international security\u201d as countries scramble to secure supply chains.<\/p>\n<p>\u201cThe world has never produced so much copper in such a short timeframe as would be required,\u201d Yergin said.<\/p>\n<p>The study notes Australia is the sixth-largest copper miner in the world, while having the second-largest known reserves of the metal. China leads global copper refining and smelting capacity required to turn mined copper into usable metal, while also accounting for more than half of its usage.<\/p>\n<p>Yergin \u2013 who has provided energy advice to almost all US administrations since Richard Nixon was president \u2013 said the report was \u201ca wake-up call\u201d for governments that have raised concerns about the availability of critical minerals needed to reach climate goals.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.189%2C$multiply_0.4431%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0\/t_crop_custom\/q_86%2Cf_auto\/820924d2cc93e125f1967bd3e143696a9fd4575a\" height=\"224\" width=\"335\"><\/p>\n<p><span>Copper is known as a bellwether for economic conditions and its price has fallen recently as interest rate tightening increases fears of a recession.<\/span><cite class=\"ojLwA\"><span>Credit:<\/span>Oliver Bunic\/Bloomberg<\/cite><\/p>\n<p>\u201cAustralia has a significant role to play here and it means thinking about mining in a different way,\u201d Yergin said.<\/p>\n<p>Prime Minister Anthony Albanese told the Sydney Energy Forum on Tuesday that Australia has a once-in-a-lifetime chance to become \u201ca renewable energy superpower\u201d amid the global energy transition. Copper was among the key commodities Albanese said could help Australia grow new industries and support global energy security.<\/p>\n<p>Copper was not named on the Australian government\u2019s list of 26 critical minerals released earlier this year, which include battery minerals such as lithium and cobalt. The metal was also not mentioned on the United States\u2019 list released in February.<\/p>\n<p>\u201cI think that the lack of including copper as a critical mineral arises from not focusing or not understanding what the scale of the energy transition demands because it\u2019s new and has happened quickly,\u201d Yergin said.<\/p>\n<p>\u201cWhen it becomes clear how central copper is to the energy transition, and the pressures on supply, I think it\u2019s likely that more and more governments will see it as a critical mineral.\u201d<\/p>\n<p>Report co-author and S&amp;P Global Market Intelligence director John Mothersole said Australia had potential to become a key contributor of copper for the energy transition, although mine production had been \u201crelatively stagnant over the last 10 to 15 years\u201d.<\/p>\n<p>The study found new mines would unlikely be able to account for the looming copper shortfall as the International Energy Agency estimates new developments take an average of 16 years.<\/p>\n<p>Therefore, increasing existing mine output and copper recycling are left as the main sources of additional supply required meet demand in 2035, which the report says is a key date as clean energy and transport technology must be deployed \u201cat scale\u201d by then for the world to achieve net zero emissions by 2050.<\/p>\n<p><b><i>The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. <\/i><\/b><b><i>Sign up to get it every weekday morning<\/i><\/b><b><i>.<\/i><\/b><\/p>\n<h2>Most Viewed in Business<\/h2>\n<h3>From our partners<\/h3>\n<p>Source: <a href=\"https:\/\/www.theage.com.au\/business\/the-economy\/boosting-copper-output-the-biggest-contribution-australia-could-make-to-hitting-net-zero-20220713-p5b180.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key points A new S&amp;P Global report<\/p>\n","protected":false},"author":3,"featured_media":160326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23052],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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