The race is on for green tech resources

Synopsis

To achieve net zero emissions by mid-century, countries must rapidly expand Clean Energy Technologies by 2030. The International Energy Agency states that wind and solar capacity additions need to quadruple, while electric cars must increase their market share from five percent to sixty percent by the decade's end. However, achieving these targets faces significant challenges due to fragile Supply chains, exacerbated by the pandemic and Russia's war in Ukraine. China, the leading producer of polysilicon, a crucial material for solar panels, has seen prices soar due to strict COVID restrictions and power shortages. Additionally, lithium prices have reached all-time highs due to underinvestment and rising demand for battery metals. Companies like Tesla and Volkswagen have raised concerns about supply chain threats to electric vehicle expansion. In response, President Biden has allocated federal resources to bolster the U.S. clean energy manufacturing base, aiming to compete with China's dominance in critical material processing. This situation has ignited a global race to secure raw material supplies, particularly in Africa and South America.