At the heart of the coming surge in green aluminium demand lies a paradox: aluminium is a key input required to produce decarbonising technologies like EV’s and solar power, yet its own production is very carbon intensive, generating 2% of all global emissions. This paradox begs the question: how can we secure enough aluminium to effectively decarbonise, while keeping the climate impact of the path to net zero to a minimum? GS Research analysts propose that the resolution of this paradox will drive a structural bull market in aluminium over the next half decade, driven by the necessity to grow supply to meet green demand while cutting emissions to prevent a climate catastrophe.
Goldman Sachs Research
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