Could Copper be the Next Oil?

What We’re Showing

In this graphic, we illustrate how copper demand is projected to increase with the adoption of clean technologies, while oil consumption is expected to decrease. The data was compiled by the International Monetary Fund as of October 2024

Key Takeaways 

• Copper demand is projected to grow from 21.4 million tonnes in 2019 to 39 million tonnes by 2040 under a net-zero emissions scenario.
• Oil consumption is expected to decrease from 97.9 million barrels per day in 2019 to 66 million barrels per day by 2040.
• IEA's net-zero scenario limits average temperature increase to 1.5°C from pre-industrial levels.