Usmanov called the metal that will become the “new gold”

Usmanov: copper is called the “new gold” because of its role in the low-carbon economy

By 2040, the demand for copper will grow 2.7 times, this metal will be crucial for renewable energy technologies, writes Usmanov

Copper will play an important role in the global energy system, says in the column of the founder of the USM group (which includes the Udokan Copper company) Alisher Usmanov on the website of the World Economic Forum (WEF)

“Copper is often referred to as the ‘new gold’, ‘new oil’ or even ‘metal of the future’ due to its indispensable role in low-carbon economies and high-tech industries,” he writes.

In the article, Usmanov cited data from the International Energy Agency, according to which, by 2040, among the minerals and metals used in clean energy technologies, will dominate demand for copper, nickel and graphite. By that time, demand for copper will grow 2.7 times compared to 2020.

“This metal will also be critical for renewable energy technologies,” Usmanov writes.