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illuminem summarizes for you the essential news of the day. Read the full piece here in MIT Technology Review or enjoy below
🗞️ Driving the news: Batteries are emerging as a central technology to tackle climate change, set to transform both transportation and energy storage sectors
• The rapidly increasing demand for EVs worldwide and the growing average capacity of these batteries are about to trigger a huge demand for battery manufacturing materials
🔭 The context: The International Energy Agency's recent report shows a rapid growth in EV sales, which comprised 14% of global new vehicle sales in 2022 and will reach 18% in 2023
• Simultaneously, EV batteries are getting larger worldwide, and batteries' potential role in grid storage is also on the rise
🌎 Why does it matter for the planet: The increasing demand for battery materials like lithium, copper, and nickel highlights the urgency of sustainable mining and recycling practices to minimize environmental impact while moving towards net-zero emissions
⏭️ What's next: Most of the world's top 10 EV makers have already signed long-term deals to secure raw materials, with some investing in mining and refining
• As a response to cost and ethical concerns, manufacturers are shifting towards low-cobalt options
💬 One quote: "I think we’re going to keep seeing new, exciting options in the battery world, in part because of these materials constraints. Iron-based batteries could play a major role in grid-scale storage, for example, and we could also see more sodium-based batteries in cheap EVs soon." (Casey Crownhart, climate reporter)
📈 One stat: Lithium demand is projected to increase approximately tenfold between now and 2040 to meet the demands of EV production for a net-zero emissions future
• Additionally, lithium iron phosphate batteries, which contain no cobalt, have grown from a small fraction of the EV battery market to about 30% in just a few years
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