Climate Change Responsible For Reducing Fossil Fuels Efficiency In Electricity Production
Copper Demands Decline Due to Cancelation of Wind Energy Projects
By Shubhendra Anand , 13 February, 2024
The clean energy transformation leads to a surge in wind energy production. The clean energy transition is expected to be achieved by 2050. Therefore, wind energy continues to acquire more funds for the production and research facilities to develop renewable energy in 2023. Floating offshore production of wind energy requires more technical infrastructure for commercial distribution. However, offshore wind project cancellations give rise to concerns regarding copper demands in 2023.
The copper industry sees an increasing demand in 2023 after offshore wind cancels the wind projects in 2023. The copper prices have increased up to 2 percent in October 2023 resulting in rise in copper prices to highest levels in the industry since September. The copper industry faced a decline in the Copper Monthly Metals Index (MMI) in November; the copper prices fell by 0.59 percent from October to November 2023. The copper demand also affected the electric vehicle sales in 2023. Electric vehicle sales keep rising, but the growth pace started showing signs of exhaustion. The decline in market sales of electric vehicles and wind energy project cancellations led to lesser demand for copper in the industry. Electric vehicle sales affected copper demands as they require four times more copper than conventional engine vehicles.
Experts believe copper market dynamics are affected due to the fluctuating copper demands in 2023. The copper market sees minimal need, while the issue of oversupplying copper persists in the renewable energy sectors. The renewable industry sees significant setbacks in 2023 due to a lack of infrastructure for wind energy production, increasing copper prices. Major wind energy projects are canceled due to supply chain disruptions, higher interest rates, and tax-related problems in 2023. These fluctuating market conditions are the main reasons behind the decline in copper demand.
Latest News
Climate Change Responsible For Reducing Fossil Fuels Efficiency In Electricity Production
The climate change issue is necessary since the global clean energy transition has emerged. Green energy transformation requires specific environmental changes strictly followed by the industrial sectors. However, global warming can reduce the…
New Face Of Lithium-Sulfur Batteries For The Low-Cost Batteries In 2024
Solid-state batteries have not been in use for a long time. However, the rising demand for electric vehicles in the automotive market may revamp the sulfur content of solid-state batteries. There are many advantages of sulfur in solid-state…
Microsoft To Invest USD 3.4 Billion On Artificial Intelligence In Germany
Artificial intelligence is enhancing the tech industry nowadays. In the past years, artificial intelligence has played a pivotal role in functioning cloud computing and other tech industry infrastructure. One of the bug techs, Microsoft, is investing…
Solar And Wind Energy Leads to Environmental Waste in 2024
Renewable energy is considered as an alternative to fossil fuels. Nations are replacing fossil fuels with renewables to achieve sustainability in the environment. Renewable energy sources regulate specific sectors like electricity, transportation…
Sustainable Aviation Fuel From Human Waste Can Accelerate Clean Energy Transition
In the industrial applications and production sector, sustainability will play a significant role in 2024. Industries are growing interested in adopting sustainable approaches in light of the clean energy transition. The aviation industry in 2024…
Shubhendra Anand
Head Research
