In the near future…

…clean energy sources are set to take a larger portion of the global energy mix. The transition will require more copper and nickel that is currently planned for production.

Copper demand from Electric Vehicles (“EVs”), Wind and Solar Energy alone is expected to require at least 3-4mm tonnes of production annually from 2020-2030 in a total annual copper market of 25mm tonnes –

Copper production has been growing only 1% per year since 2015.

Sources: copper.org, copperalliance.org, Bernstein

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Annual nickel demand…

…from EVs is expected to grow 20x between 2018 and 2030, to_1.3mm_tonnes – 

more than 60% of the current global nickel market.

Source: nickelinstitute.org

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The generation of clean energy from solar and wind has a copper usage that is 4-6x more than in power generation from fossil fuels. 

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Electrical Vehicle

Today’s fleet of electrical vehicles is less than 1% of total global car fleet. This number is expected to grow to 12% by 2030, requiring additional 15MT of copper.

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Wind Farm

Wind capacity is set to almost triple over the next decade from ~600 Gigawatts (GW) to 1800 GW. This will require additional 7_MT of copper by 2030

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Solar Technology

Solar capacity is set to increase six fold over the next decade from ~500 GW to ~3000 GW. This alone will require additional 11-12 MT of copper by 2030

Sources: RENA.org. WoodMac, Mckinsey, Deloitte, IEA.org

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Nickel

Nickel is the most important metal by mass in lithium-ion battery cathodes in EVs, expected to make up 80% of the mass in cathodes. Annual nickel demand from electric vehicles is expected to grow 20x by 2030.
In fact, most nickel in the global supply is not suitable for battery production.

Where will we get all the nickel needed?

Copper and nickel are critical material components for the next great energy transition. Both are expected to be in critical deficits by

2025 or sooner.

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