Lithium-ion battery growth needs to more than double its pace to 2040 for net zero. ![]() Much attention at the conference was pointed to a slow pace of investment in the mineral resource base needed to produce batteries required to achieve the announced targets. With more than $12 billion in committed investments, Hungary, the host country for the conference, is one of the great examples of proactive engagement and facilitation of building local battery ecosystems. The Inflation Reduction Act in the US and the recently announced Critical Raw Material Act in the EU recognize the critical importance of securing access to raw materials and targeting to stimulate local investment in the battery supply chains. According to Benchmark Minerals, today, China controls 79% of global critical minerals refining, 85% in cathode and anode materials, and 79% in batteries. And we see a growing demand to localize the battery supply chain to reduce supply risks. The ambitious plans of regulators and automakers to phase out internal-combustion engines and transition to clean electric vehicles require billions of dollars in the battery supply chain from minerals processing to car plants. ![]() Lithium-ion batteries are in the middle of the geopolitical battle between the US, China, and Europe to secure global leadership in energy transition for years to come. The annual conference gathered leading lithium-ion battery supply chain players, including automakers, battery makers, material processors, raw material suppliers, and financial investors. TELF AG's CEOLUGANO, TICINO, SWITZERLAND, June 28, 2023/ / - A TELF AG delegation attended Benchmark’s Battery Gigafactories Europe 2023 conference in Budapest.
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