EV Boom Drives Mineral Demand, Raising Supply Chain and Pricing Concerns
• IMF predicts 6-fold increase in demand for EV battery minerals like lithium, nickel, and cobalt by 2030 amid rising prices • These minerals are critical for renewable energy technologies and the transition to EVs • EV batteries require significant amounts of scarce metals sourced from just a few countries • Fragmenting critical mineral supply chains is needed for the global energy transition • Total value of Ukrainian mineral resources is up to $14.8 trillion, much seized by Russia during the war