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Alternative battery chemistries and diversifying clean energy supply chains

Atlantic Council

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The energy transition from fossil fuels to low-carbon energy sources will stimulate great demand for energy storage, and batteries will play an essential role in enabling the electrification of the transportation sector and reducing the intermittency of renewable electricity generation in the power sector. Presently, lithium-ion batteries predominate in both electric vehicle and grid storage applications. However, the continued expansion of these sectors will drive demand for minerals in the lithium-ion battery supply chain by a staggering degree.

Demand for lithium alone is projected to grow by 42 times from 2020 to 2040 and could reach a structural undersupply with a deficit of 1.75 million metric tons by 2030. Geopolitical risks also abound in the battery value chain. Russia controls 21 percent of global class 1 nickel production, and China controls 80 percent of global cobalt processing capacity.

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