The rate of electric vehicle adoption has increased, with California having more than 1 million registrations as of 2023. While that represents 35% of the country's electric vehicles, Florida and Texas also had over 200,000 registrations in 2023, according to the US Department of Energy.
Despite some recent rollbacks in clean energy initiatives, millions of electric vehicles are already on the road in the U.S. To accommodate the growing demand, the country will need enormous amounts of minerals, such as lithium and cobalt. Unfortunately, despite its vast reserves of various minerals, much of the supply is being wasted.
Don't Miss:
- Your Last Chance to Invest in Pacaso Before Their Global Expansion — Offer Ends Sept 18
- Kevin O'Leary Loves ‘Wonderful Recurring Cash Flows' — These Small Industrial Assets Deliver Just That
The Mineral Wealth Beneath Our Feet
Precious minerals and rare earth metals play a crucial part in fueling the clean energy revolution. We will need various materials to fuel our energy needs, such as lithium, copper, manganese, and nickel.
These resources play a key role in the development of electric vehicle batteries as well as solar panels and other clean-energy solutions. However, much of the material we need is discarded.
Lithium in one year’s worth of mine waste in the U.S. is enough to power 10 million electric vehicles, while the manganese could power 99 million vehicles, Gizmodo reported.
Despite the large amount of resources within the U.S., much of what it needs for electric vehicles is imported. Much of its lithium comes from Australia, Canada, and China, while its cobalt primarily comes from the Democratic Republic of Congo, Gizmodo says.
Trending: From Chipotle to Red Bull, Top Brands Are Already Building With Modern Mill's Tree-Free Wood Alternative — Here's How You Can Invest Too
President Donald Trump also wants to impose heavy tariffs on materials used in the production of electric vehicle batteries, potentially increasing the need for domestic production.
How We're Wasting it — and Why it Matters
Even a 1% byproduct recovery rate could reduce reliance on imported materials, Gizmodo reported. A 4% could completely offset current imports, says Elizabeth Holley, a professor of mining engineering at the Colorado School of Mines. A 4% recovery rate could completely offset current imports.
Current mining practices often treat valuable mining resources as byproducts and discard them. The continued discarding of these materials means the U.S. continues to import materials that usually exist in its own mines.
Turning those raw materials into usable materials for electric vehicle batteries and other clean energy solutions could be expensive, but using all of the wasted material isn't necessarily the goal. Additionally, domestic mineral recovery could drive substantial economic activity. For example, it could create jobs and bolster electric vehicle supply chains.
See Also: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share.
The Path Forward: Turning Waste Into Wealth
In its current state, the American mining industry is wasting large amounts of materials that could otherwise be used to fuel a clean energy boom. Although the cost may be high initially, incentives and subsidies could help increase domestic production, reducing reliance on imports. Regulations that encourage reuse and discourage waste could also go a long way.
Reducing waste of precious materials is a significant undertaking, requiring coordination from private, government, and research organizations. However, improvements in recycling, recovery, and reprocessing methods would help make the process more efficient.
With more innovative policies and increased investments, the U.S. can transform its domestic materials into valuable clean energy resources.
Read Next: The ECG Hasn't Changed in 100 Years — This AI Upgrade Could Help Detect Heart Disease Years Earlier
Image: Shutterstock
