--- title: "Petrochemical energy giants seize the renewable energy market, key metal \"copper\" will become the biggest beneficiary commodity" type: "News" locale: "en" url: "https://longbridge.com/en/news/226927422.md" description: "The state-owned energy company of the United Arab Emirates, Masdar, has signed a $15 billion renewable energy agreement with the Philippines, aimed at developing solar, wind, and battery storage systems. The Chilean Copper Commission expects Chile's copper production to reach 5.54 million tons by 2034, accounting for 27.3% of global production. Meanwhile, Glencore anticipates that copper production will decline to 952,000 tons in 2024. Chile's environmental protection agency has closed the Alcaparrosa copper mine due to concerns over massive sinkholes related to over-extraction" datetime: "2025-02-03T08:01:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/226927422.md) - [en](https://longbridge.com/en/news/226927422.md) - [zh-HK](https://longbridge.com/zh-HK/news/226927422.md) generator: "portal-rs" --- # Petrochemical energy giants seize the renewable energy market, key metal "copper" will become the biggest beneficiary commodity According to a report by Reuters, the state-owned energy company Masdar of the United Arab Emirates has signed a $15 billion renewable energy agreement with the Philippines to collaborate on the development of solar, wind, and battery storage systems to reduce reliance on fossil fuels and increase the share of clean energy in its power structure. In addition, the Chilean Copper Commission (Cochilco) stated that Chile's copper production will increase to 5.54 million tons by 2034, accounting for 27.3% of global production, an increase of 5.6% from 2023. The commission also predicts that by 2034, the Democratic Republic of the Congo's copper production will account for 13.6% of the global total, while Peru will account for 10.2%. The world's largest commodity trader, Glencore, stated that its copper production in 2024 will be 952,000 tons, a decrease of 6% from 1.01 million tons in 2023, and below the previously expected lower limit of production. After nearly three years of investigation, Chile's environmental protection agency has ordered the "comprehensive and thorough" closure of the Alcaparrosa copper mine owned by Lundin Mining, primarily due to the emergence of a massive sinkhole with a diameter of 36 meters and a depth of over 60 meters near the mine in 2022, which has attracted widespread global attention. Officials from Chile's environmental protection agency stated that the investigation showed the sinkhole was related to the over-extraction of ore at the mine ### Related Stocks - [688333.CN](https://longbridge.com/en/quote/688333.CN.md) - [00916.HK](https://longbridge.com/en/quote/00916.HK.md) - [600157.CN](https://longbridge.com/en/quote/600157.CN.md) - [300068.CN](https://longbridge.com/en/quote/300068.CN.md) - [002930.CN](https://longbridge.com/en/quote/002930.CN.md) - [600995.CN](https://longbridge.com/en/quote/600995.CN.md) - [000591.CN](https://longbridge.com/en/quote/000591.CN.md) - [300438.CN](https://longbridge.com/en/quote/300438.CN.md) - [688456.CN](https://longbridge.com/en/quote/688456.CN.md) - [301500.CN](https://longbridge.com/en/quote/301500.CN.md) - [300328.CN](https://longbridge.com/en/quote/300328.CN.md) - [600310.CN](https://longbridge.com/en/quote/600310.CN.md) - [000060.CN](https://longbridge.com/en/quote/000060.CN.md) - [300274.CN](https://longbridge.com/en/quote/300274.CN.md) ## Related News & Research - [India's Gaja Alternative Asset jumps 20% on debut, reaches $261 million valuation](https://longbridge.com/en/news/296991054.md) - [METALS-Copper firms as metal earmarked to exit LME triggers buying](https://longbridge.com/en/news/296765325.md) - [Nampak director associate buys shares worth R 35.17 million](https://longbridge.com/en/news/296932706.md) - [Lenzing shareholders approve EUR 300 million capital increase at extraordinary meeting](https://longbridge.com/en/news/296902548.md) - [METALS-Copper recovers from early losses while closing higher in Shanghai, despite rising inventories](https://longbridge.com/en/news/296754394.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**