The EU plans to invest billions of euros developing a “green label”, sustainable electric vehicle battery industry in a bid to challenge Asia’s market dominance. The EU battery market could be worth up to €250 billion ($282 billion) in 2025, with global demand for electric vehicles forecast to reach up to 900 million by 2040, the European Commission said in an update to its 2018 strategic action plan on batteries in April. This means EU demand for lithium, nickel, cobalt, manganese and graphite as battery raw materials will grow significantly in the next decade, creating potential security-of-supply issues as production is concentrated in just a few countries outside Europe. The EC wants to see the EU fully exploiting its own battery raw material resources to mitigate this supply risk, and requiring responsible mining practices for materials sourced outside Europe. “It is projected that in 2025, provided a favorable regulatory and enabling framework is in place, and assuming that all ongoing EU projects are in place, EU lithium production could cover up to 30% of the world total,” the EC said. It is also working with the European Investment Bank, “key industrial actors” and national governments to develop facilities to ensure… continue reading
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Source: CTRM Center