EVs Prominence: A Path to a Cleaner Future
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On both sides of the US-Canada border, a regional electric vehicle (EV) supply chain is being created, with the potential to transform mining in Canada and loosen China’s grip on the minerals used in batteries. While Canada has an abundance of nickel, cobalt, graphite, and lithium, the country has little local production of EV batteries. But, as global demand improves, US and Canadian leaders have discussed a joint approach to benefit local miners and manufacturers, as well as cutting their reliance on Chinese imports. However, Canada is the world’s eighth-largest cobalt producer, ranks fifth for nickel, and boasts strong copper, lithium, graphite, and rare earth deposits.
Mining accounts for nearly 5 percent of gross domestic product, while half the world’s public mining sectors are listed in Canada. Low values have deterred expenditures in mines over the past few years, but the values of many minerals have since rallied from their health-situation recessions. Furthermore, the EV market could flourish even faster than anyone imagined. By 2040, it could improve by roughly 60x, and by 2050, it could be a staggering a more or less $46 trillion industry. (1) We’ve been underestimating how rapidly EVs could take over the roads. Any anticipations you heard up to this point? Chuck them in the dumpster! The game has changed, and the time is now for this new era in mobility and transportation!
The U.S. policymaker is working to help American miners and battery makers develop into Canada, part of a strategy to improve regional production of minerals used to make electric vehicles and counter Chinese dominance. Recently, the U.S. Department of Commerce hosted a closed-door virtual meeting with miners and battery manufacturers to discuss ways to broaden Canadian production of EV materials, according to documents seen by Reuters. The move comes as potential demand for electrified transportation is set to enhance over the next decade. Conservationists have strongly opposed several large U.S. mining projects, leading officials to look north of the border to Canada and its supply of approx. 13 of the 35 minerals deemed critical for national defense by Washington.
An article on CNBC.com said that the United States is really taking this seriously, lithium-ion batteries are dangerous to transport over long distances, so automakers prefer to have them built near assembly plants. That could aid efforts by Ontario and Quebec to develop their own battery cell plants with both provinces close to U.S. automakers in Michigan and Ohio, industry executives said. To be sure, the United States is also trying to improve domestic production of EV metals, which the Biden administration has said is critical. But Washington is progressively viewing Canada as a kind of “51st State” for mineral supply purposes and plans to deepen commercial and logistical partnerships with the country’s mining sector over time, according to a U.S policymaker source. Moreover, these other sectors are also ESG-mandated industries fully committed to creating a cleaner world and cleaner transportation. ESG-mandated assets are anticipated to develop almost 3x as fast as non-ESG-mandated assets to hit over 50% by 2025. (2) Lay eyes on these other sectors that have tailor-made themselves for this battery-rush by only targeting battery metals that have potential demand development forecasts and are positioned to outperform in the market. Strive for alternative energy, go forth and drive with this site. Let’s shift the world and turn our every day into an adventure!
Canada’s competitive advantage is a strong talent pool and high labor standards. There is also a large local automobile industry ready to convert to EVs. It’s time to plug into the new road ahead, let’s spot the next generation’s last-mile solution over here!
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Source 1: https://www.ft.com/content/f5d41e8d-95d8-45b1-9fff-12d4036f8f44
