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Global industrial metals consumption to rise - WB

Economy Materials 16 May 2022 15:27 (UTC +04:00)
Global industrial metals consumption to rise - WB
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, May 16. Due to the green energy transition, global consumption of metals is expected to increase, Trend reports via Commodities Market research from the World Bank (WB).

As the research explains, the switch to clean energy sources is foreseen to decrease hydrocarbons consumption, but, at the same time, will bolster the production of metals, “since renewable energy infrastructure, such as wind turbines and solar, require significant amounts of metal in their manufacture”.

"Metals, such as copper and aluminum, are key elements for a low-carbon future. At present, solar-generated electricity requires twice as much copper as natural gas, and wind requires three times as much. The same is true for electric vehicles. A traditional internal combustion engine car uses around 20 kilos of copper, while electric vehicles require more than four times as much. The wiring of the EV charging infrastructure will also imply a boost in demand for both aluminum and copper," the WB said.

Meanwhile, the report noted that the prices for metals, which are connected to the production of renewable energy and electric vehicles, could remain high for a long time.

"This will depend on the speed and direction of the energy transition, the volume of mining capital investment, environmental constraints on these industries, and policy measures and incentives," the WB explains.

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