● Investors in commodities have tended to stress the importance of economic cycles ● But decarbonisation and renewable electricity generation could continue to fuel rising prices for copper, platinum group metals and nickel Environmental activism has become mainstream. A new report by the University of Oxford and United Nations Environment Programme shows $341bn (€290bn) has been set aside for green initiatives by the world’s 50 biggest economies, in $14.6trn of announced stimulus. That 2.5% of overall GDP may seem trivial but it comes on top of longer-term commitments. Once the emergency funding of businesses and jobs abates as the COVID-19 crisis ebbs, it may be increased significantly. The European Green Deal Investment Plan has earmarked €100bn in spending annually. Boris Johnson, the British prime minister, wants to make the UK “the Saudi Arabia of wind”.