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across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":564,"content":565},"doc",[566,573,578,583,588,593,602,617,622,627,632,637,644],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"The world will need to increase battery production thirty-fold from today’s levels by midcentury to reach Elon Musk’s forecast of 300 terawatt-hours of needed global battery capacity, according to Benchmark’s chief executive Simon Moores.  ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Production of lithium ion batteries will need to increase from 0.6 TWh a year to 20 TWh by 2050 to transition the global transportation and energy systems away from fossil fuels, Moores told the Benchmark Week conference in Los Angeles. ",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":572},"“We need to double the pace of everything – investment, capacity,” Moores said. ",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"The cost of building the world’s battery capacity would only be 5% of the almost $100 trillion estimated by the International Energy Agency and others needed to reach net zero emissions by 2050, Moores said, at a cost of $3 to $5 trillion.",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":572},"“For something that is so critical … it’s an incredible value for investors,” he said. ",{"type":567,"attrs":594,"content":595},{"textAlign":49},[596],{"type":597,"attrs":598},"image",{"id":49,"alt":599,"src":600,"title":49,"source":49,"copyright":49,"meta_data":601},"","https://a.storyblok.com/f/287943243085208/62407e6dd6/bm-simon-net-zero-2.png",{},{"type":567,"attrs":603,"content":604},{"textAlign":49},[605,607,615],{"text":606,"type":572},"In a ",{"text":608,"type":572,"marks":609},"TED interview",[610],{"type":611,"attrs":612},"link",{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":614},"https://www.youtube.com/watch?v=cdZZpaB2kDM","url",{"text":616,"type":572}," last year Tesla’s chief executive Musk said the world would need 300 TWh of battery capacity to be fully sustainable.",{"type":567,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":572},"That would require annual battery production rising to 6.7 TWh by 2030 and 11.8 Twh in 2040, Moores said. ",{"type":567,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":572},"“That’s twice the pace of where we are today,” he said. ",{"type":567,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":572},"At 20 TWh of annual production would require around 50 million to 60 million tonnes a year of raw materials, Moores said. Recycling could make up 40% of that amount and mining 50%, he said. ",{"type":567,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":572},"That would require a twenty-fold increase in lithium supply to 12 million tonnes of lithium LCE and a similar increase in nickel sulphate to 8 million tonnes. Cobalt supply would have to increase by five times to 1 million tonnes of cobalt sulphate, and manganese by over twenty-fold to 2.5 million tonnes of manganese sulphate, according to Moores. ",{"type":638,"attrs":639,"content":641},"heading",{"level":640,"textAlign":49},2,[642],{"text":643,"type":572},"Request a free trial of Benchmark Source",{"type":567,"attrs":645,"content":646},{"textAlign":49},[647,649,655],{"text":648,"type":572},"This is a free Benchmark Source article. Learn more about Benchmark Source or request a free trial ",{"text":650,"type":572,"marks":651},"here",[652],{"type":611,"attrs":653},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":614},"https://source.benchmarkminerals.com/request-a-trial",{"text":656,"type":572},".","The world will need to increase battery production thirty-fold from today’s levels by midcentury to reach Elon Musk’s forecast of 300 terawatt-hours of needed global battery capacity, according to Benchmark’s chief executive Simon Moores. 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