Interesting article showing the need for IRA compliant supply.US...

Interesting article showing the need for IRA compliant supply.

US Inflation Reduction Act impact report lays bare critical mineral supply fault lines

"The situation is so acute that according to S&P Global data on 127 mines worldwide that began production between 2002 and 2023, a major discovery today likely would not be a productive mine until 2040 or after. Further, large and complex projects in politically sensitive areas can take longer.

The IRA’s repercussions reach into the renewable energy and electric vehicle (EV) sectors, with an expected boost of 30 gigawatts in wind and solar energy by 2030. This growth stems from extended tax credits, catalyzing a swift energy transition.

Anticipated growth in EV sales is projected to catalyze parallel expansion in battery raw material demand. The rise in EVs, coupled with IRA tax incentives, is forecasted to drive a 24% year-over-year increase in EV battery demand between 2021 and 2035. The intricate ties between EV battery demand and specific metals underscore the diverse battery compositions at play, according to S&P Global.

As a result of the IRA’s impact, the report predicts a 23% surge in demand for EV battery capacity in the US by 2035. This escalation translates to an additional 12-15% demand for cobalt, nickel, lithium and lithium over this period."