A Clean Energy World
Copper is important throughout a Clean Energy world as it is the best non-precious conductor of heat and electricity and 65% more efficient than aluminium. Electric vehicles form part of an efficient and integrated system of Clean Energy, powered by renewables and managed through battery storage solutions.
The Impact of Electric Vehicles (EV) and their Infrastructure
Demand from EVs could add as much as 3.0Mt (13%) to world copper demand by 2030 assuming 30% EV sales penetration. In the context of few major projects in construction and declining grades at existing mines that would result in a significant market deficit.
We estimate that every 10% increase in global EV market share would add 970kt or 4.3% to world annual copper demand, assuming vehicles are powered by green grid power.
In Australia, only 942 electric vehicles were sold in 2016, a minuscule 0.1% of market share. If demand grew to a 20% market share, approximately 240,000 electric vehicles a year, that would require an additional 24kt of copper each year, exactly the target production from Pedra Branca Phase 1.
Source for charts: Broadhurst Mining Research analysis, based on various industry sources
