Mayur Karmarkar, an expert in the field, highlights the pivotal role copper will play in the global energy transition. With the world increasingly shifting towards renewable energy sources and electrification, copper’s significance is set to surge. Karmarkar predicts a significant uptick in demand for copper, particularly in India, starting around 2030.
The energy transition is being propelled by a growing awareness of climate change and the need to reduce carbon emissions. As countries strive to meet their climate goals, there is a concerted effort to move away from fossil fuels and embrace cleaner alternatives such as wind, solar, and electric vehicles. Copper is integral to this transition due to its exceptional conductivity, durability, and versatility.
SOURCE:- INDIA TODAY
Renewable energy systems, such as solar and wind farms, rely heavily on copper for their infrastructure. Copper is used in the wiring, transformers, and other components necessary for transmitting electricity efficiently from these sources to the grid. Similarly, the electrification of transportation, particularly the widespread adoption of electric vehicles, requires significant amounts of copper for their motors, batteries, and charging infrastructure.
SOURCE:- CNBC TV 18
India, with its rapidly growing population and expanding economy, is expected to be a key player in driving the demand for copper. As the country endeavors to modernize its infrastructure and electrify its transportation sector, the need for copper will be immense. Karmarkar foresees this demand surge gaining momentum around 2030, as India ramps up its efforts to meet its energy and climate targets.
However, meeting this increased demand for copper will not be without challenges. The mining and processing of copper can have significant environmental impacts, including habitat destruction, water pollution, and carbon emissions. Additionally, there are concerns about the supply chain’s ability to keep pace with demand, as new mines take time to develop and existing ones face constraints such as declining ore grades and geopolitical instability.
To address these challenges, Karmarkar emphasizes the importance of sustainable practices throughout the copper supply chain. This includes promoting responsible mining practices, investing in recycling technologies to reclaim copper from end-of-life products, and encouraging greater efficiency in copper usage through technological innovation.
copper is poised to play a central role in the global energy transition, with India expected to emerge as a key market for the metal by 2030. As the world moves towards a cleaner, more sustainable energy future, ensuring the responsible production and consumption of copper will be essential in meeting the challenges ahead.
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