The price of the metal used in batteries for electric cars has risen six-fold since the start of the year.
Lithium, the highly reactive silver-white metal that is a crucial ingredient in batteries used in electric vehicles (EVs), is becoming much more expensive – and fast.
In April, as prices hit a record $78,000 a tonne, Tesla CEO Elon Musk floated the idea of the electric carmaker mining and refining the lightweight metal itself due to the “insane” increase in costs.
For governments ranging from China to the European Union that have pledged to phase out combustion engines in the near future, the soaring cost and growing scarcity of the metal raise questions about how they will meet their deadlines, many of which come due as soon as 2035.
With combustion engines accounting for one-quarter of carbon emissions, according to the United Nations, a delay in transitioning away from petrol and diesel cars would deal a serious blow to efforts to reduce carbon emissions and avert the worst effects of climate change.
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