Interesting Times9 May 2021 18:49
When the potential size of your asset keeps growing at the same time as demand increases.
' Demand for lithium, for example, is expected to grow 70 times over the next couple decades. But the supply from existing lithium mines and projects under construction can only meet about half the projected demand this decade.
“This mismatch is something that worries us,” Fatih Birol, the executive director of the IEA, said at a press conference today. “Our numbers show that the critical minerals are not a sideshow in our journey to reach climate goals. It’s a part of the main event.”
Batteries for electric vehicles (EVs) and renewable energy storage are the biggest factor driving the potential mineral shortage. An EV requires six times more mineral resources than a car that runs on fossil fuels. Cobalt, nickel, graphite, and manganese are essential for batteries, too.'
'the IEA expects a shortfall unless new mineral deposits are tapped. Production of new critical minerals isn’t ramping up fast enough because investors aren’t convinced that world leaders are fully committed to their climate goals, according to Birol.
“If they get from the governments unmistakable signals that clean energy technologies are the technologies of tomorrow, then I believe this investment will flow,” he says. Until then, limited supplies of critical minerals will loom large over any global action on climate change.'
https://www.theverge.com/2021/5/5/22421081/critical-minerals-climate-change-goals-clean-energy