In 2021, Goldman Sachs declared copper "the new oil", highlighting its essential role in clean energy technologies. Two years later, the IMF forecasted that copper demand will rise by over 66% from 2020 to 2040 as the world transitions away from oil. In this graphic, Visual Capitalist's Marcus Lu illustrates how copper demand is projected to increase over the coming decades, while oil consumption is expected to decrease. The data was compiled by the International Monetary Fund as of October 2024. Rising Copper Demand Copper is critical for a wide…
