Australia's target of net zero emissions by 2050 will only be achieved if the nation invests heavily in an abundant but often overlooked resource: copper.

Copper is a key metal for electric vehicles, renewable energy systems such as solar panels and wind turbines, storage batteries and other technologies that will underpin the transition to a clean energy future, but current copper production falls far short of the growing demand.

The Australian government is being called on by energy experts worldwide to increase investment in copper mining, not only to meet domestic targets, but also to play a key role in decarbonising the planet.

Copper demand to double by 2035

As the third most widely used metal worldwide, demand for copper is already high, and the global supply is more tightly squeezed than ever before. However, the growth of EVs, renewable energy technologies and energy grids to supply them will see this demand skyrocket in the years ahead as Australia and other nations strive to meet sustainability targets.

The IEA has estimated that an electric car requires six times the amount of minerals that a conventional petrol car requires, with 53.2kg of copper per EV compared to 22.3kg of copper for a conventional car.

Source: IEA

S&P Global forecasts copper demand to double from its current 25 million metric tonnes (MMt) to reach 50 MMt by 2035. By that time, the supply deficit could reach a 20 per cent shortfall without a significant boost in copper production – a challenge that Australia is uniquely equipped to tackle.

Renewable energy superpower

Australia has the second largest copper reserves of any nation, behind leading producer Chile, but currently ranks sixth in the world for copper production. Tapping into these vast reserves will not only be lucrative for mining exports and the wider economy, but is also necessary for fulfilling sustainability goals.

Speaking at the Sydney Energy Forum in July, Prime Minister Anthony Albanese said Australia must jump at its once-in-a-lifetime chance to become a "renewable energy superpower" by increasing investment in key commodities, including copper.

The Australian government has invested heavily in renewable energy generation in recent years – from solar and wind energy to clean hydrogen – but to deliver these to communities requires extensive upgrades to the electrical grid, which requires extensive copper. If domestic supply proves insufficient, these upgrades will come at a high cost.

A new mining boom

Copper production in Australia has been stagnant for the last 15 years, but a recent surge of investment in exploration and upgrades of existing copper mines shows that the commodity is now being taken more seriously.

Locksley Resources Limited (ASX:LKY)

Locksley Resources Limited (ASX:LKY) is an Australian exploration company. They are focused on identifying and assessing opportunities for the acquisition, exploration and development of copper and other mineral resources projects in Australia that have the potential to deliver significant growth for shareholders.

Locksley Resources has a 100% legal and beneficial interest in the highly prospective Tottenham Copper-Gold Project in the NSW Lachlan Fold Belt.

The Company recently defined a 9.86Mt resource across the Tottenham Project's Carolina and Mount Royal to Orange Plains deposits.

To keep up to date with Locksley Resources' news and progress, and for more information about copper investment as a whole, subscribe to the Locksley Resources Limited Chairman's List.