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Cop

Copper—The Pathway to Net Zero—March 2023

Summary

The report outlines a comprehensive strategy for the global copper industry to achieve net-zero Scope 1 and 2 GHG emissions by 2050. Copper is essential for the energy transition, with technologies like renewables, EVs, and heat pumps driving demand growth. By 2050, annual copper demand is projected to double to 50 million tonnes.

Key findings:

1. Current Emissions: Global copper production emits ~97 Mt CO₂e in 2018, equivalent to 0.2% of global GHG emissions, rising to 120 Mt by 2050 without action.
2. Abatement Pathway: To reach net-zero, the following strategies are prioritized:
   • Scope 1 and 2: Use of decarbonized electricity (initial focus), alternative fuels, equipment electrification, and energy efficiency.
   • Scope 3: Enhanced recycling, supply chain partnerships, and circular economy initiatives.
3. Investment Requirements: An estimated $110 billion investment is needed for decarbonization, separate from the $460 billion required for capacity expansion to meet rising demand.
4. Decarbonization Levers:
   • Grid Decarbonization: Increasing reliance on renewable electricity and Power Purchase Agreements (PPAs).
   • Alternative Fuels: Transition to green hydrogen, biodiesel, and biochar.
   • Electrification: Battery-electric mining and processing equipment.
   • Recycling: Enhancing end-of-life collection rates to reach a 32% recycling input rate by 2050.
5. Region-Specific Challenges: China’s copper sector must navigate slower grid decarbonization and limited access to alternative fuels, but can still achieve up to 85% emissions reduction by 2050.
6. Collective Framework: Successful decarbonization hinges on technology availability, carbon pricing, regulatory stability, and partnerships across the value chain.

The report emphasizes that copper’s "metal carrier" function supports resource efficiency and positions the industry as a leader in climate mitigation. The pathway requires monitoring progress by 2024 and regular updates to adapt to evolving technologies and market dynamics.