17 Nov 2021
Demand for Copper, Nickel to Multiply in Next Three Decades
The Index Today
BHP Executives have said global demand for nickel and copper will increase four-fold over the next 30 years due to de-carbonisation.
Vandita Pant, BHP chief commercial officer said, “Some of the modelling that we have done showed that in, let’s say a decarbonized world, the world will need almost double the copper in the next 30 years than in the past 30.”
She further said, “And for a commodity like nickel, that quadruples. So four times nickel needed for the next 30 years than the past 30 years and all to be done as sustainably as possible.” Both metals will be high in demand as economies shift away from fossil fuels for energy.
Nickel is an important component of electric vehicle manufacturing and is primarily used in batteries. On the other hand, copper is a main component for wiring electric vehicles and charging stations. The need for nickel and copper will be seen in developing renewable energy infrastructure. Trafigura’s executives have warned of possible supply deficits in copper, nickel and other metals.