Expectations of an increase in global demand for metals by 2040: IDSC

The Egyptian Cabinet's Information and Decision Support Center (IDSC) issued a report Monday expecting that the transition to a renewable energy system will increase the demand for metals by at least four times by the year 2040.

The report indicated that renewable energy has grown at a rapid pace over the past two decades, reaching its highest values ​​in 2022 at about 3.38 million megawatts, with a growth rate of 9.4 percent compared to 2021, according to data from the International Renewable Energy Agency (IRENA).

IRENA raised the growth rates for renewable energy during the period (2022-2027) by about 30 percent. Additionally, it is expected that renewable energy production during the period (2022-2027) will grow by about 85 percent compared to the previous five years, and by 2,400 gigawatts, according to IDSC report.