Global Energy Transition Predicted To Trigger As Much As 40-Fold Increase In Demand For Lithium By 2040

1 day ago, March 23, 2023

PALM BEACH, Fla., March 23, 2023 /PRNewswire/ -- Lithium Mining is a process used for obtaining the metal from various sources such as brines, and hard rocks. It is the lightest metal and solid element found in nature and it is seen as a main component for the renewable energy market. According to the World Economic Forum, Latin America is home to an estimated 60% of identified lithium globally. While Argentina, Bolivia and Chile are considered to be in the 'lithium triangle' - an area in the Andes which borders the three neighbors and is rich in lithium reserves. It said that around 60% of identified lithium is found in Latin America, with Bolivia, Argentina and Chile making up the 'lithium triangle'. Demand for lithium is predicted to grow 40-fold in the next two decades due to the energy transition to renewable power and electric vehicles. It continued: "The US Geological Survey (USGS) estimates that out of a global total of 86 million tons of identified lithium, Bolivia is home to 21 million tons, Argentina 19.3 million and Chile 9.6 million. However, Chile is leading the way in utilizing these reserves into commercial production, according to the Center for Strategic & International Studies. It says Argentina and Bolivia are lagging behind due to investment challenges and more difficult geographic conditions. The global energy transition is predicted to trigger as much as a 40-fold increase in demand for lithium by 2040, according to the International Energy Agency (IEA). Lithium-ion batteries are used to store energy from renewable sources such as wind and solar.