Reuters reports that copper demand will reach some 53 million tons per year by 2050, which is more than two times what we need now.

Dan Yergin, S&P Global's vice chairman, said that "people who say that there's enough copper supply out there are not taking into account the scale of the energy transition. Without some give, you're not going to be able to achieve those climate goals."

Copper is a metal used in most electronics, as it is used for wiring, and EVs use twice as much of the material compared to cars running on fossil-fuels.

Instead of asking customers to use products that use less copper, industry members will have to innovate in this sector by finding alternative materials or limit the use of the red metal in their offerings.