Glencore CEO has expressed an opinion that the global energy transition still requires $304 trillion in addition to $9.6 trillion made so far.
Speaking at the company’s Capital Markets Day 2025, CEO Gary Nagle pointed out that the green energy investments made to date have reduced fossil fuel’s share of global demand by 7%, Mining Weekly reported.
Out of all critical minerals needed for the energy transition, Glencore considers copper to be one of its main drivers, one that would require a significant supply boost.
“We’re producing about 850 000 t of copper this year, rebasing back up to a million tons of base copper production, as we were few years ago. And then the growth beyond that is really going to be big,” Nagle said.
He expects a 4% overall annual compound growth rate in copper equivalent production from 2026 to 2029, with copper production itself expected to grow at 9.4% over this period.
Glencore’s projections for green economy future would still not deter the group from keeping its coal portfolio.
“We believe there's a strong case for particularly high-quality energy coal for many decades to come,” Nagle explained.
Theodor Lisovoy, Managing Editor, Rough&Polished
