Copper Scrap is Fast Becoming a Strategic Material, Says New UN Report

SEATTLE (Scrap Monster): Copper scrap is quickly turning into a strategic commodity, according to a recent report issued by the United Nations' trade and development arm. As the world moves toward sustainable energy and a digitally connected economy, it is probably going to be a major player.

The analysis projects that between 2030 and 2040, the world's demand for copper would increase by about 40%. According to some estimates, by 2040, the demand for copper in sustainable energy technologies alone may triple. To meet this need, more than 10 million tons of copper would need to be supplied.

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A minimum of 80 new copper mines must be established worldwide by 2030 in order to meet the net-zero emissions target, which will cost about $250 billion. But there are more opportunities with the recycling route. It should be mentioned that recycling uses far less energy than mining. Additionally, it promises to significantly reduce greenhouse gas emissions, protecting the environment in the process.

The necessity for sustainable substitutes with less of an impact on the environment is highlighted by the predicted shortage in copper supply to satisfy growing worldwide demand. In order to meet this demand, recycled copper will be essential. It should be mentioned that there has been a major change in the global copper supply chain.