Outlook for battery raw materials (Concawe Review 28.1)
Recognising that climate change represents an urgent threat to societies and the planet, the 2015 Paris Agreement set the goal of keeping global warming well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C (global warming has already reached 1°C).
To build on these objectives, the EU Commission has developed its long-term strategic vision for a prosperous, modern, competitive and climate neutral economy in Europe , which confirms Europe’s commitment to be a leader in addressing global climate change. It includes an assessment, based on
several scenarios, to support the EU’s strategy to reduce long-term EU GHG emissions in accordance with the Paris Agreement, starting at -80% going up to -100% by 2050 compared to 1990 levels. In all the scenarios, the electric vehicle (EV) plays an important role, creating a significant need for battery raw
materials. Consequently, there are concerns about the future supply of raw materials necessary for battery production and the impact of rising prices on battery production costs.
This article is a literature review of publications from Wood Mackenzie, McKinsey & Company and Ricardo (among others), and summarises the important key messages regarding technologies, metal sources, demand, availability, prices, recycling and uncertainties/challenges of battery raw materials.
Read the article here.