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BP $BP Energy Outlook 2023 Report
The new BP $BP Energy Outlook report is just out. One interesting finding is how the future energy transition will lead to a significant increase in the demand for quite a few natural resources, and mainly - Copper, Lithium and Nickel.
The 3 scenarios they project are defined as 'New Momentum', 'Accelerated' and 'Net Zero'.
- Copper: The future growth of copper is dominated by its use in the construction of new electricity networks for lowcarbon power, which increases between four- and seven-fold out to 2040 in the three scenarios.
- Lithium: The growing demand for lithium over the outlook is driven by its use in electric vehicles, which grows by a factor of between 25 and 60 out to 2040 across the three scenarios.
- Nickel: Increasing demand for nickel is also driven by its role in the electrification of transport. Total nickel demand increases between 2.5-4 times out to 2040 across the three scenarios – 65-80% of that growth is due to the increasing use of lithium-ion batteries in electric vehicles.
Source: BP
Source: BP Energy Outlook 2023
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