Electricity production will need to increase from 2,905 TWh in 2021 to 6,922 TWh in 2050 because of electric vehicles and heat pumps, according to the European Commission. This will require investment in the energy system of €1.5 trillion per year and 500,000 tons of copper, 80,000 tons of lithium and 60,000 tons of cobalt, according to a study.