Electrification of our transport system is a critical component of a low-carbon future, especially when twinned with renewable energy generation. This two-pronged trend is driving investments in the global battery market—in terms of both development and deployment—and is expected to attract USD 620 billion in investment by 2040.
While demand for batteries surges, the growth of the global battery market does not inevitably make for sustainable development.
The World Economic Forum’s Global Battery Alliance highlights the emerging environmental, social and governance (ESG) risks for this technology sector, including its value chain, its carbon footprint and its end-user markets.
This article suggests how the global battery industry can continue to grow without undermining its own potential to contribute effectively towards climate change mitigation.