This post is by Tessa Di Grandi from Visual Capitalist
How Mineral Supply Will Change EV Forecasts
Did you know that EVs need up to six times more minerals than conventional cars?
EVs are mineral-intensive and are pushing up demand for critical battery metals. According to the International Energy Agency (IEA), lithium, nickel, and cobalt demand is expected to grow from 10%-20% to over 80% by 2030.
As countries around the world pledge to go all-electric by 2035 and 2040, do we have enough mineral supply for EV demand?
Factors such as geopolitical concentration of resources, quality of materials, mining industry lead times, and environmental factors will together determine whether we have the minerals we need.
Let’s take a look at how critical minerals are affected.
|Copper||Copper mines currently in operation are nearing their peak, suffering from reserve exhaustion, while ore quality in older mines is declining. |
South American and Australian mines are located in areas where water availability can be scarce.
This could cause setbacks given the high water requirements needed for the mining process.
|Nickel||There are a number of growing concerns related to higher CO2 emissions and waste disposal. |
Nickel quality needs to be high (Class 1) for EV batteries. Most nickel in the global supply chain is unusable for EVs.
|Cobalt||The Democratic Republic of Congo and China (Read more...)|