“It’s a dramatic… a very serious situation,” Wood told delegates at the virtual event. “One very simple thing that we need to do a heck of a lot more is geological surveys here in the United States… Whilst what’s happening right now is really encouraging, it’s horribly insufficient.”
The demand for battery metals has increased globally as the world looks to meet its decarbonization goals by 2050. According to the World Bank, the supply of critical minerals needed for the energy transition is “more concentrated” compared with fossil fuels. The bank estimates half of the world’s battery metals to be concentrated in about three countries.
In March, U.S. President Joe Biden authorized the Defense Production Act to increase battery metals production and reduce the country’s reliance on China and Russia.
