Copper’s nickname is ‘Dr. Copper’. This is because economic trends can be predicted based on copper demand and price fluctuations. The reason copper has become such an important economic indicator is because it has long played an important role as an essential resource in various industries such as power, electronics, communications, automobiles, and construction. Recently, as energy transition and decarbonization have become global topics, the demand and importance of copper are growing. It has become an essential material for major industries in the era of energy transition, such as electric vehicles, renewable energy, and smart grid, and is attracting attention as an essential resource for sustainable development.
Copper has the best electrical conductivity among metals used in industry, increasing energy efficiency and ease of manufacturing compared to other materials, and greatly securing the stability of facility operation with excellent heat resistance and electrical pressure resistance characteristics, reducing industrial accidents and reducing maintenance costs. It has a significantly lowering effect. According to industrial demand trends, a typical passenger car uses about 20 to 25 kg of copper, but electric vehicles are found to use two to three times that amount. Recently, the U.S. Department of Energy (DOE) also added copper to the list of core raw materials for the first time. The ‘2023 Final List of Core Materials’ announced by DOE classified core resources into ‘energy core materials’ and ‘key minerals’ and selected copper as a core energy material.
Additionally, copper is evaluated as the most suitable mineral for ESG management due to its excellent recyclability. According to statistics, more than 90% of copper is recycled, and 20-30% of the domestic copper market is covered by recycled copper. Even with recycled copper, the quality and performance are no different from Shindong. This is because the physical and chemical properties remain virtually unchanged even during the recycling process, maintaining the original performance. In this way, recycled copper contributes to reducing the cost and environmental impact of extracting new copper resources, playing an important role in sustainable resource management and environmental protection. In fact, copper is reported to be the only mineral in the circular economy whose performance and characteristics do not change when recycled.
Due to these advantages, the demand for copper is expected to steadily increase. According to a survey by Bloomberg and NH Investment & Securities, with the expansion of global new and renewable energy, copper demand is expected to increase from 28 million tons worldwide in 2023 to 1.6 times in 2032 and 2.2 times in 2042. The proportion of new and renewable energy conversion in total copper demand in 2022 was around 25%, but is expected to increase to 53% in 2030 and 61% in 2040. In addition, the EU, which has been actively promoting the transition to new and renewable energy since the signing of the Paris Climate Agreement in 2015, also expected copper demand in Europe to increase to about 22.5 million tons in 2050.
In this way, copper is becoming more important for a sustainable society. The International Copper Association (ICA) supports various research and policy support programs to promote the important role of copper.
In Korea, the Korean branch of the International Copper Association is responsible for this role.
Yoo Han-jong, Korean branch manager of the International Copper Association, said, “In Korea, since 2010, we have made small but important contributions to academia, industry, and policy establishment by focusing on energy conservation in the electricity and power fields, introduction of minimum efficiency systems, and development of high-efficiency devices.” “We are currently collaborating with industry, academia, and government agencies to promote energy reduction programs for electrical equipment and facilities with LS MnM, a major member company in Korea, and to supply low-loss new and renewable energy,” he said, introducing the role of the International Copper Association in Korea. did it
Governor Yoo said, “Copper is not only highly recyclable, but also has significantly less carbon emissions compared to other minerals based on its life cycle. For example, aluminum emits 9.2 tons of CoE per ton, while copper emits 4.5 tons of CoE,” he said. “Copper is positioned as the most important material in energy conversion. “With the global decarbonization trend, copper is one of the best options in various future industrial fields such as energy transition, fostering new industries, and building a resource circulation economy,” he said, emphasizing the sustainability of copper.
Director Yoo continued, “The International Copper Association and its member companies organically connect technology-leading industries and academia through a global network in Europe, the United States, China, India, and Japan, continuously improving not only production processes and resource recycling technologies, but also applied industries. “We are supporting various research and policy support activities, including carbon reduction strategies,” he said. “In Korea, we must also recognize the importance of copper as a key element of energy transition, environmental protection, and resource circulation economy. “For sustainable growth, strategic investments are needed that comprehensively consider copper’s long-term economic value and environmental benefits, including recoverability, recyclability, eco-friendliness, and carbon emissions,” he advised.
Choi Yong-seok, Donga.com reporter duck8@donga.com