Lithium is becoming an increasingly important topic in the oil and gas world as firms realize the importance of lithium-ion batteries in the future of global energy. It will be key to the energy transition, not only for use in batteries for electronic devices but also for electric vehicles (EVs) and to store renewable energy for steady release.
So, what are countries around the world doing to fuel lithium production? Automakers globally are driving up demand for lithium as they increase their EV output, with many car manufacturers planning the rollout of several new EV models by 2030.
Particularly across Europe where several countries have outlined the ban of the sale of new internal combustion engine cars for the end of the decade, lithium batteries will become a necessity in the future of transport. In fact, the World Bank believes lithium production will need to increase fivefold to meet global needs and climate targets by 2050.
In the U.S., several energy firms are racing to find new lithium supplies to boost production over the next decade and beyond. At present, the only active lithium mine in the U.S. is the Thacker Pass mine in Nevada, meaning that many companies are trying to find other sources across the country.
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