There’s no denying that when it comes to automotives, the future is electric. There are endless reports of the surge in EV sales in recent years. The new and used electric car markets are booming with a reported one million electric cars being sold since 2022.
While the trends are showing positive signs, it begs the question of whether the nation is ready to accommodate the gigantic shift. There are already concerns over the availability of charging points, but what about the batteries that fuel the cars? Diligence is required when it comes to global lithium supply, as lithium batteries are essential to the electric car revolution. Will there be enough for the future?
EV charging stations – illustrative photo. Image credit: Michael Fousert via Unsplash, free license
Assessing Global Lithium Reserves
Lithium reserves are located across the globe, with reserves primarily located in Australia, Chile and Argentina.
Scientists explain that while there is enough lithium in the Earth’s reserves, the accessibility of this and whether we can get it out is another story altogether. According to the U.S. Geological Survey, there are around 88 million tonnes of lithium on the Earth and around a quarter of this is available to mine at the surface.
While scientists are confident that current supplies are sufficient, there’s a clear need to focus on the long-term impacts and shortage of supplies over time. There’s a question over whether we can reach the lithium beneath the Earth’s surface. The ever-changing nature of commodity markets can present opportunities for traders, making lithium one to pay close attention to.
Technological Advancements in Lithium Extraction
Technological advancements in mining and battery technology will aid the potential shortage of lithium. As mentioned, it’s a case of working out how to access the lithium that sits beneath the reserves that are more readily available at the Earth’s surface.
Brine evaporation, hard rock mining, and lithium recycling from used batteries are just some of the schemes proposed to improve the operations surrounding lithium extraction. There’s no shying away from the need for investment and research in order to develop these areas further and optimise lithium supply chains. At the same time, this will help to minimise the risks of shortage supply.
It’s also thought that the amount of lithium needed for electric cars will decrease over time.
Diversification of Battery Materials
Alternative battery chemistries and materials could form part of the answer to the issue, reducing our reliance on lithium-ion batteries in the EV market.
Alternative battery options could include:
- Solid-state batteries
- Sodium-ion batteries
- Lithium-sulphur batteries
Emerging technologies could aid this area through higher energy density and lower costs, alongside a reducedd reliance on lithium. Diversification is often the answer in these scenarios, which is what this could create.
Sustainable Resource Management and Recycling
Another point in discussion is ensuring that the process of mining for lithium doesn’t lead to further ecological damage, therefore contradicting the original purpose.
Sustainable resource management is something that can be applied across a range of sectors and resources, from the wood we source from forests to renewable energy.
As a result, responsible mining practices are key. This should be promoted worldwide. On top of this, there is potential for battery recycling initiatives to promote a circular structure. The circular economy is something that is being increasingly adopted under the guise of sustainability – and its purpose is to prevent a so-called linear economy which results in waste at the end of the process. If we can recycle the lithium batteries we create, it means we can extract key materials (such as lithium, nickel, copper and cobalt) and repurpose them without having to mine for more raw materials.