Partners in Performance (PIP), a global management consultancy, is urging the Australian government to renew its investment in copper mining to bolster the country’s electrical grid.
According to a media statement issued by the Sydney-based firm, the increasing pressure on the electrical grid has made copper “the new oil” as Australia increasingly turns toward renewable energy solutions.
The company said it helped clients mitigate 36 million tonnes per annum of carbon dioxide emissions in the past 18 months, leading it to believe that copper would play a critical role in achieving Australia’s net zero emission goals.
PIP noted neither the federal government nor the opposition party has recognised Australia’s potential to become a leading global copper producer.
The country is currently the world’s sixth largest producer of copper but has the second largest copper reserves in the world.
The Australian government has included investments in micro-grids in its recent federal budget, while the opposition party pledged to allocate funding for renewable energy.
“Both major parties have focused on investments in renewable energy technology, without adequately thinking about how that energy will be delivered,” said Michael Huggins, PIP’s director for Australia and New Zealand.
“To meet energy transition needs, the Australian government must act now to address global copper shortages. Failing to do so, will see it struggle to secure supply and face hyper-inflated costs on the open market, driven by global demand,” Huggins added.
“Australia must approve copper mining operations now to avoid having to go to the open market. 2050 sustainability goals are empty promises without copper to enhance the grid.”
