Dept. of Energy adds copper to its Critical Materials list, marking a first in US government history, announces up to US$4B in tax credits; copper demand is expected to double by 2035, driven by clean energy transition and clean water infrastructure needs

Sample article from our Government & Public Policy

August 4, 2023 (press release) –

August 2, 2023

FOR IMMEDIATE RELEASE

McLean, VAThe U.S. Department of Energy (DOE) this week officially added copper to its Critical Materials list. This act marks the first time a U.S. government agency has included copper on one of its official “critical” lists, following the example of other countries including the European Union, Japan, India, Canada, and China. 

 

“The Copper Development Association (CDA) congratulates DOE on its thoughtful, forward-thinking analysis that resulted in copper’s inclusion on the Critical Materials list,” said Andrew G. Kireta, Jr., CDA’s president and CEO. “Copper is a major contributor to U.S. economic and national security, and with copper demand projections doubling by 2035, primarily due to plans for the clean energy transition, electrification and clean water infrastructureThe nation would be defenseless without electricity and copper’s vital role in its generation, transmission, and distribution. The U.S. should do all it can to protect and promote our domestic copper industry. ”

 

Inclusion on the Critical Materials list reflects the reality that copper demand projections will require an increase in domestic production. In fact, the Department of the Treasury and the Internal Revenue Service, in partnership with DOE, announced up to $4 billion in a first round of tax credits, under the 48C Advanced Energy Project Credit, for projects that expand clean energy manufacturing and recycling; critical materials refining, processing, and recycling; and for projects that reduce greenhouse gas emissions at industrial facilities. These funds come from the recently enacted Inflation Reduction Act (IRA).

 

“While CDA is pleased with this development, we will continue to advocate for the inclusion of copper on the official USGS Critical Minerals list, especially since items such as the EV tax credit, inclusion on the permitting dashboard, and the many permit reform legislative initiatives circulating congress are all dependent on being on this larger list,” said Kireta. “This decision from the DOE only serves to strengthen that effort.”

 

For more information on CDA’s critical mineral advocacy, visit www.copperiscritical.org.

 

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About CDA

Copper Development Association Inc. (CDA) is a U.S.-based, not-for-profit association of the global copper industry, bringing together the North American copper and copper alloy semis fabricators and global copper mining and production industries. CDA is committed to promoting the proper use of copper materials in sustainable, efficient applications for business, industry and the home.

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