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Revamping the Copper Value Chain for India’s Green Energy Transition
In February 2021, copper prices rose to USD 9,187 a metric ton on the London Metal Exchange – an all-time high since September 2011. As governments across the world orient their fiscal policies towards achieving a low-carbon future, this boom in the commodity market is indicative of a bullish future demand narrative for copper, which is an essential component of clean energy technologies. India, with a poor copper reserve and resource base, has ambitious targets for the green energy transition. This constitutes an accelerated deployment of renewable energy, incentivisation of electric mobility and its supporting infrastructure as well as a push for the expansion of clean energy manufacturing capacity, as exemplified in the Make in India initiative. It is imperative that countries like India safeguard themselves against supply chain vulnerabilities. There is a need for investments and innovations across the copper value chain: from exploring international mining sector tie-ups and climate-smart mining initiatives to enhancing exploration and R&D capabilities.
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