Abstract
Governments around the world are increasingly focusing on the future of transportation, particularly road transportation, to reduce global greenhouse gas emissions and local air pollution. As the shift to low-carbon transportation continues, the sales of electric vehicles (EVs) are expected to rise, with several associated challenges. The growing demand for EVs will also increase the demand for the critical mineral resources required to manufacture them. Many EV motor technologies require rare-earth magnets, whereas batteries require raw elements such as lithium, cobalt and nickel. Mining such minerals raises several environmental, social and governance (ESG) issues, including environmental degradation, exploitation of child labor and human health risks. Furthermore, these critical raw materials are hampered by supply chain problems and price volatility.
