Expectations of an increase in global demand for metals by 2040: IDSC

CAIRO - 31 October 2023: The Egyptian Cabinet's Information and Decision Support Center (IDSC) issued a report Monday expecting that the transition to a renewable energy system will increase the demand for metals by at least four times by the year 2040.

The report indicated that renewable energy has grown at a rapid pace over the past two decades, reaching its highest values ​​in 2022 at about 3.38 million megawatts, with a growth rate of 9.4 percent compared to 2021, according to data from the International Renewable Energy Agency (IRENA).

IRENA raised the growth rates for renewable energy during the period (2022-2027) by about 30 percent. Additionally, it is expected that renewable energy production during the period (2022-2027) will grow by about 85 percent compared to the previous five years, and by 2,400 gigawatts, according to IDSC report.

Renewable energy created about 13.7 million job opportunities in 2022, up from 12.7 million in 2021.

Achieving the Sustainable Development Goals by 2040 will require increased use of renewable energy, causing demand for metals used in electric vehicles and batteries to grow approximately thirty times compared to current demand. 

Additionally, Lithium will witness demand grow more than forty times, followed by graphite, cobalt and nickel at a growth rate of 20-25 times compared to current demand.