As a result of greater energy transition, Fitch forecasts green copper as a percentage of total copper demand to rise from approximately 5.6% in 2021 to 15.7% in 2030.
The renewables sector will account for the strongest green copper demand growth over our forecast period, Fitch says, as it is 12 times more copper intensive than traditional energy systems. The renewable energy sector will account for an average 62% of annual green copper demand between 2021 and 2030 and approximately 7.9% of total copper demand by 2030, up from an estimated 5.1% in 2020.