Why we need this material more than oil now
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Dating back to the Bronze Age, copper has evolved into an indispensable cornerstone of modern society, renowned for its conductivity. Found in everyday items from smartphones to vehicles, its recyclability keeps the majority in circulation, with only 12% globally mined. Yet, the surge in demand due to electrification and green initiatives is reshaping its role, prompting comparisons to "the new oil."
As electric vehicle giants like Tesla and BMW drive the need for substantial copper quantities, alongside burgeoning power grids and renewables, Goldman Sachs foresees an exponential price surge. However, this shortage isn't due to reserves depletion; untapped resources abound. The challenge lies in bolstering mining and recycling sectors to meet soaring demands. Scaling up production could stabilize prices, but failing that, innovation will usher in alternatives.
Humanity's adaptability ensures strides toward a sustainable future, whether by enhancing copper industries or embracing emerging solutions. With a legacy spanning centuries, copper's significance in our rapidly evolving world remains unwavering, laying the foundation for generations to come.