Rise Of Alternative Energy Business Will Benefit Copper Industry
Copper will benefit from the surge of renewable energy ventures, Copper Investing News reported. Due to climate change concerns, more economies are supporting policies to transition into alternative energies. The report said that because of the new emerging technology trends, global copper consumption is also expected to increase.
“This is good news indeed for copper, necessary for the conduction of electricity in all energy technologies, whether they be traditional or alternative. The use of some carbon-emitting fossil fuels — coal, for instance — will likely drop off over the years, but copper will remain an irreplaceable component in our ever-expanding energy needs,” Frank Holmes of US Global Investors was quoted as saying.
Zolaikha Strong, director of sustainable energy for the Copper Development Association, or CDA, in a solar conference series in 2014 said that usage of copper will rise and that renewable energy will spur global production. “Solar panels over large scale areas require installing miles of copper grounding and copper centric power cables,” Strong states. “By 2020, we estimate that 150 to 410 million lbs. of copper will be used in these systems, Strong adds.
Data from Clean Edge showed that by 2022, clean energy revenues will be worth $426.1 billion, almost double of its total value of $248.7 billion three years ago. Findings in the new report, “Power Shift: Emerging Clean Energy Markets,” showed that renewable technologies are projected to be responsible for 60 percent of new electricity generated worldwide by 2030 that could translate to a $5 trillion opportunity.
It added that from 2013 to 2030, more than 5,570 gigawatts of electricity generation is forecast to be added. This amount of electricity is enough to cover 60 percent of the total demand and surpasses the fossil-fueled run energy sources.
There are many types of renewable energy which can reduce economies’ reliance on fossil fuels and its threat to the climate. More and more countries are realising the importance of the alternative source of power from biofuel, wind and solar markets.
Various reports have also cited that among all types of renewable energy, solar power is growing. In the past years, the world had quickly switched to clean and affordable energy sources.
It is not only the wealthiest nations that can afford to shift into alternative energies. In fact, the poorest of countries, according to EcoWatch, are actually investing in renewables more than industrialised nations.
The PEW research further found that in developing countries in South America, Africa and Southeast Asia, investment in clean energy technologies such as solar panels and wind turbines have grown faster than conventional technologies. It added that by 2030, these developing countries would account for two-thirds of energy demand growth.
Copper is an important material to build the energy system of the future because the metal is a great electrical conductor. Based on reports, pounds of copper are needed to manufacture buses, subway cars, to power a wind turbine, solar power and the production of hybrid and electrical cars.
Copper is used in almost everything since it is easily stretched, molded and shaped, is resistant to corrosion, and continues to be the choice material in various applications. In the span of 25 years, global demand for copper production has increased with China being the greatest consumer.
New companies are also becoming known in the copper exploration industry and nickel and copper explorer Amur Minerals Corporation (London AIM: AMC) is one of them. The company is located in Russia. Its principal asset is the Kun-Manie sulphide nickel, copper project located in the Amur Oblast.
Kitco reported that global copper market production is said to generate revenues of over U$150 billion annually. Chile is one of largest copper producing country, and the largest copper mines in the world are located in the country. There are also large copper mines in Peru, Mexico and Indonesia.
Russia, where Amur Mineral Corporation is located, is also considered one of the world’s leading mineral industries. The country is also rich in a wide array of minerals such as aluminum, cement, nitrogen, magnesium compounds and metals.
To contact the writer, email: vittoriohernandez@yahoo.com
