Global demand for EV batteries to rise over 10 times by 2030

Demand for electric vehicle (EV) batteries will increase from the current 340 GWh to over 3,500 GWh by 2030, according to an International Energy Agency (IEA) report. While all EV battery supply chain stages must scale up, extraction and processing are particularly critical due to long lead times. Governments must leverage private investment in sustainable mining and ensure precise and rapid permitting procedures to avoid potential supply bottlenecks, says the report titled ‘Global Supply Chains of EV Batteries.’ Innovation and alternative chemistries that require smaller quantities of critical minerals, and extensive battery recycling, can ease demand pressure and avoid bottlenecks. Incentivising battery “rightsizing” and adopting smaller cars can also decrease demand for critical metals, it says. Governments should strengthen cooperation between producer and consumer countries to facilitate investment, promote environmentally and socially sustainable practices, and encourage knowledge sharing, the report adds. It suggests that governments should ensure traceability of key EV components and monitor the progress of ambitious environmental and social development goals at every stage of battery and EV supply chains.See also: Volvo CE to enhance product localisationVolvo unveils its first large electric crawler excavator