US Needs to Lead the Way in Building a New Energy Supply Chain
The Hon. Frank Fannon
Source: Financial Times
To reduce carbon emissions or advance the necessary energy transition requires a dramatic rethink of our energy and transportation systems. America must lead the way in creating a new energy supply chain literally built from the ground up.
Clean energy technologies require different minerals and metals than conventional hydrocarbon-based power and at a far greater scale. By accelerating well-intentioned climate ambition, global leaders are increasing the supply-demand gap.
For example, meeting the Glasgow Climate Declaration by 2040 would require over 7m tonnes of lithium annually — 17 times more than will be produced in 2021 — according to Benchmark Minerals Intelligence. As the IEA warned, there is a “looming mismatch between the world’s strengthened climate ambitions and the availability of critical minerals that are essential to realising those ambitions.”