Copper has more importance with better transmission quality than other metals. CRU (a business intelligence company) reported that in 2022, copper demand would increase in China to 15.55 million tons due to renewable energy facilities and electric vehicles (EV). The demand rise will be 4% from the energy and electric vehicle sector.
Electrical Vehicles manufacturing requires four times more use of copper than the traditional car. Eighty-four kilograms of copper is used in the manufacturing of a single EV. China used 250% more copper in 2021 compared to 2019.
China is leading in renewable energy projects in Asia. Paris Agreement in 2015 to control greenhouse gas emissions shows its dire interest in climate change. In 2016, the world’s four biggest deals out of five had made by China’s companies. In 2017, it had the world’s biggest wind turbine manufacturer.
China has focused on the 14th five-year plan for 2021-25 with a target of 33% supply by renewable energy generation till 2025, with 3300 terawatt hours in renewable energy generation annually.
Due to less cost and fewer carbon emissions, renewable energy sources are more vital. China’s government is focused on upgrading the grid stations and expanding the different projects to overcome the power shortages. Its wind and solar projects are increasing the demand for copper.
Leave a Reply