Investment of 4 billion dollars by India aimed at securing crucial mineral resources
India is gearing up for a significant shift towards electric vehicles (EVs) and renewable technologies, with a ambitious goal of making 30% of its vehicles electric by 2030. However, the country faces a challenge in securing the critical minerals needed for these technologies, such as lithium, cobalt, copper, graphite, and nickel.
Currently, India remains largely dependent on imports for these minerals, with China being the biggest exporter in 2024. In 2020, India imported 100% of the lithium, cobalt, and nickel it used, as well as 60% of the graphite it utilized. This dependence has prompted the Indian government to take action.
Under the "National Critical Mineral Mission," the government plans to provide financial incentives to firms aimed at boosting mining, processing, recycling, and imports. The initiative, launched in 2023, also simplified laws to boost critical mineral exploration, allowing private firms to participate.
To support its net-zero greenhouse gas emissions goal by 2070, India is looking to diversify its sources of critical minerals. The main countries exporting these minerals to India include Australia, a key supplier of lithium, cobalt, and graphite, and African nations, which are strategically important as sources of key minerals like copper and cobalt.
India has identified significant reserves of copper and graphite that it can exploit domestically. The country has identified 164 million tonnes of copper and 210 million tonnes of graphite to be explored. However, there is a time-lag between the discovery and start of mining, and many cancellations have occurred due to unclear data, inadequate capacity from Indian firms, limited technology, and other reasons.
To address this, India plans to spend 343 billion Indian rupees (US$3.94 billion) to boost local production, recycling, and imports of critical minerals. The government aims to ensure that 20% of all new batteries are made from recycled materials by 2030 and will aim to recover 90% of all battery materials from EVs by 2027.
The World Resources Institute, a global research center, has covered this story (Thomson Reuters Foundation). The push for critical minerals is part of a global race for minerals needed for renewable technologies, which is expected to ramp up this year. As India moves towards its ambitious EV and renewable energy goals, securing a stable and sustainable supply of critical minerals will be crucial.
Read also:
- Upcoming iPhone Model: What We Understand Thus Far
- Rabies persists in its destructive course
- Luke Littler's substantial monetary assets unveiled as the 18-year-old darts prodigy's net worth anticipates significant growth in the coming year.
- Government entity BDL to address the grievances of young agriculturalists
