TECHNOLOGY
As demand for lithium-ion batteries grows exponentially , how do we ensure increased sustainability solutions along the battery value chain ?
As we accelerate towards net zero in the energy transition , dependence on lithium-ion batteries grows extensively . In fact , the McKinsey Battery Insights team projects that the entire lithium-ion ( Li-ion ) battery chain , from mining through to recycling , could increase by over 30 % annually from 2022 to 2030 , when it would reach a value of more than $ 400bn and a market size of 4.7TWh .
Being a key component in EV batteries and within battery storage systems means that global supplies of Li-ion batteries are under strain . The world could face lithium shortages by 2025 , the International Energy Agency ( IEA ) says , meaning that research and
investment into alternative solutions are pertinent if we are to slow down reliance on fossil fuels .
A circular vision Mitigating shortages and easing the immense strain on supply chains could be alleviated by implementing a circular strategy : reusing and recycling lithium-ion batteries . By establishing a circular economy for lithium-ion batteries , businesses could enjoy lower manufacturing expenses , generate supplementary income sources , and receive tax advantages . This could additionally create employment opportunities through the emergence of new and expanded markets .
86 June 2023