New IEF study finds major increase in copper mining needed to meet electrification goals

The International Energy Forum (IEF) is tipping further demand growth for copper as the world regains its interest in electric vehicles (EVs).

In a new report, “Copper Mining and Vehicle Electrification,” the IEF has labelled copper as the mineral most fundamental to the human future because it is essential to electricity generation, distribution and storage.

The IEF is the world’s largest international organisation of energy ministers with 72 countries represented including both producing and consuming nations.

Copper shortage

The IEF report suggests that copper availability and demand will determine the rate of electrification, a foundation of current climate policy across the globe.

However, results from numerous studies have raised concerns that copper supply cannot meet the critical metal’s demands for both the green energy transition and equitable global development.

IEF findings suggest that 115% more copper must be mined in the next 30 years than has been produced historically just to meet business-as-usual trends.

To electrify the global EV fleet requires bringing 55% more new mines into production than would otherwise be needed.

Hybrid alternative

Studies have found that EVs require substantially more copper and other metals than conventional internal combustion engine (ICE) or hybrid vehicles.

For example, the manufacture of an ICE automobile requires 24kg of copper, whereas the manufacture of an EV requires 60kg.

It has been estimated hybrids on average require around 38 kg.

Furthermore, hybrid vehicles do not require the extra grid capacity EVs do.

Any shift by policymakers to an increased focus on hybrid vehicles or even a rethink on the EV-hybrid manufacture composition in the 2035 electrification goal might go some way to alleviating the problem.