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‘‘Renewable power generation sources are considerably more copper intensive compared to their conventional counterparts. An offshore wind power plant can consume around five times more copper compared to a coal-based plant. Copper is used in cables within the turbine towers, in array cabling (particularly deep water offshore) as well as in export cables to bring power back to shore.’’ Wood Mackenzie, COP26 – Implications for copper, 2 December 2021
‘‘A scaling-up of electric vehicles and renewable power generation (wind and solar) will require considerable investments in transmission and infrastructure as grids are upgraded to handle variable sources of energy and support electric vehicle charging requirements. There would be a substantial upside to copper demand.’’ Wood Mackenzie, COP26 – Implications for copper, 2 December 2021
‘‘Renewable power will be responsible for an increasing share of total energy demand, as electrification becomes a pathway to decarbonisation.’’ International Energy Agency, Net Zero by 2050: A Roadmap for the Global Energy Sector, October 2021. All rights reserved.
‘‘Decarbonisation commitments are still a major upside risk to our base case copper demand forecasts. Besides electrical vehicles, renewables are also set to support copper consumption.’’ Wood Mackenzie, Copper Outlook Q4 2021, December 2021