'The dual goals – of decarbonization and reducing dependence on metals supply from China – are at odds.'
Wood Mackenzie estimates China spent nearly half of the US$55 billion committed to new copper mine supply since 2019. Chinese dominance in copper is so strong that countries looking to limit China ’s role in their energy transition plans risk higher prices, and ultimately a slower response to climate change, according to Wood Mackenzie .
Ottawa’s critical minerals strategy lists copper among 31 minerals considered critical to the transition from fossil fuels. The federal government has taken a tough stance against Chinese state-owned companies getting involved in the sector. Since 2022, Ottawa has asked Chinese investors in Canadian graphite, lithium and copper companies to divest their holdings, even if the assets are outside of Canada, due to national security issues.
Canada aims to achieve a net-zero electricity grid by 2035. Last year, an executive with global cable supplier Nexans warned the“The world cannot decarbonize without copper,” Wood Mackenzie global mining research director Nick Pickens wrote in a recent report titledPickens says China effectively controls two of the four stages of copper’s value chain – smelting and refining. This follows a decades-long “investment spree” to support rapid industrialization and urbanization.
Energy Transition China Canada Nick Pickens Critical Minerals
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senate report calls for Canada to compel Catholic entities to release residential school recordsApproximately 150,000 First Nations, Inuit and Métis were removed from their families between approximately 1883 until 1997 and forced to attend federally-funded residential schools for more than a century.
Read more »
Senate report calls for Canada to compel Catholic entities to release residential school recordsApproximately 150,000 First Nations, Inuit and Métis were removed from their families between approximately 1883 until 1997 and forced to attend federally-funded residential schools for more than a century.
Read more »
'We are no longer at the top': Crime statistics break-down for KelownaAccording to the 2023 Statistics Canada report on crime Kelowna has seen a reduction in crime
Read more »
Lethbridge’s position on crime severity ranking list improves slightlyLethbridge's crime rate has slightly improved, according to Statistics Canada's Crime Severity Index report.
Read more »
Report reveals widespread discrimination at highest level of Canada's public serviceA group of workers' rights organizations is calling for the removal of top executives in the federal public service, after an internal audit obtained through an Access to Information request revealed a workplace culture of racial stereotyping, micro-aggressions, and verbal violence within the Privy Council Office.
Read more »
Thousands of cybersecurity professionals needed in Canada, report showsNinety per cent of Canadian organizations report security breaches stemming from skill gaps.
Read more »