Copper is gaining prominence in today’s world due to its crucial role in the green and digital revolution. This metal is not only essential for the transition to cleaner energies, but is also vital for the development of advanced technologies. Below, we present some of the highlights of the article “Welcome to the new age of Copper: why the red metal is an object of desire” by Óscar Granados.
Global Copper Demand
Demand for copper has seen a significant increase, driven largely by the growth of technology and electrification. Since the 1960s, when the electronics industry began to expand, copper has been an essential component in a variety of applications, including telephone cables, household appliances, medical equipment, and more recently, advanced digital devices such as computers, mobile phones, and speakers. intelligent.
The Green and Digital Revolution
Copper is a key element in the transition towards a greener and more digital economy. A clear example is the renewable energy industry, which requires four to twelve times more copper than fossil fuel-based power plants. Additionally, electric vehicles use three to four times more copper than traditional vehicles with internal combustion engines.
Luis Janeiro, from the International Renewable Energy Agency (Irena), explains that to meet the objectives of the Paris Agreement, the proportion of electrical energy used must increase significantly. Currently, around 20% of the energy used is electrical, and this percentage should reach 51% by mid-century. This energy transition depends largely on copper.
Supply Challenges
Despite its abundance, copper supply faces several challenges. Global copper production comes largely from Latin America, with Chile, Peru and Mexico leading the way. However, the exploitation of copper deposits is becoming increasingly complicated and expensive, posing a challenge to meet growing demand.
SP Global has warned of a possible critical gap between copper supply and demand by the middle of this decade, which could have serious consequences for the global economy and climate efforts. To meet future expectations, significant investments are required in new mining and recycling projects.
Innovation and Recycling
Copper recycling is a partial solution to growing demand. Copper can be recycled indefinitely without losing its properties, and currently, 32% of global demand is met through recycling. However, a considerable amount of primary supply is still needed.
Future Perspectives
Although in the long term there are sufficient copper reserves to meet demand, in the short and medium term, production may not be on par with demand, which could impact decarbonization goals.
In short, copper has become an indispensable resource in the era of electrification and digitalization. Its importance lies not only in its physical and chemical properties, but also in its ability to drive technologies that are fundamental for a sustainable future.
