|Data: Wood Mackenzie; Chart: Axios Visuals|
Topics: Alternative Energy, Climate Change, Global Warming, Green Energy
I am proudly the owner of all battery-powered lawn equipment: lawn mower, hedger; weed edger and blower (a twofer). All require a few hours of charging to power and get me through a typical pruning in roughly two hours. I did it in a nod to the environment, but also so I wouldn't have to get gas for a mower or lug electrical extension cords around. The purchases admittedly were more pragmatic than progressive.
The unfortunate reality is batteries like anything else we use come from raw materials. The world is limited in volume, even though we're on it and these raw materials to construct the things we utilize and enjoy are not in unlimited supply.
Problems are never simple to solve, else they wouldn't be problems.
There could be a "supply crunch" for cobalt, lithium, and nickel used in batteries for electric vehicles and other applications as soon as the mid-2020s, the consultancy Wood Mackenzie said Wednesday.
The big picture: The chart above shows their projections of demand for materials used in EVs but also batteries needed for consumer electronics and energy storage.
What's next: Wood Mackenzie forecasts that pure electrics and plug-in hybrids combined will account for 7% of all passenger car sales by 2025, 14% by 2030 and 38% by 2040.
Of note: That's less bullish than BloombergNEF, which sees EVs accounting for 57% of passenger car sales in 2040.
The bottom line: "The electrification of transport is redefining a number of metals markets," Wood Mackenzie said in a release summarizing their analysis.