Canada has taken the top spot on BloombergNEF’s (BNEF’s) Global Lithium-Ion Battery Supply Chain Ranking.
The assessment ranks 30 countries annually on their ability to create a secure, reliable, and sustainable lithium-ion battery supply chain. The assessment focuses on five categories including raw materials, battery manufacturing, and ESG considerations.
Canada overtakes the top spot from China, marking the first time the country hasn’t held the position.
BNEF points to Canada’s ongoing manufacturing and production advances, along with “strong” Environmental, Social, and Governance (ESG) credentials, in helping the country to secure the position.
“While China still has the strongest established supply chain, the increasing importance of sustainability across the lifecycle of lithium-ion batteries means the region must take a more proactive approach to tackle ESG issues to benefit its supply chain in the long-term,” BNEF notes in a blog post.
Commitments from provincial and federal governments also helped Canada secure this position. Examples are widespread, including the federal government’s $27 million investment in E3 Lithium.
Kwasi Ampofo, the head of metals and mining at BNEF, said trade relations could impact the market this year, further impacting China. “Trade relations will be an interesting factor to monitor in 2024, as foreign policy efforts in the US and EU continue to make it difficult for international companies to operate in major markets like China.”
Image credit: Shutterstock
Source: BNEF
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