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will work with allies to build battery supply chain, State Department says","us-will-work-with-allies-to-build-battery-supply-chain-state-department-says","article/us-will-work-with-allies-to-build-battery-supply-chain-state-department-says",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":663,"featured":51,"reporter":664,"_editable":668,"component":669,"seo_title":553,"categories":670,"visibility":677,"author_company":49,"featured_image":678,"seo_description":663,"author_full_name":49,"author_job_title":49,"formattedDate":683,"formattedArticleDate":684},"25a049a3-7fe6-4eeb-b82b-8f1b58495889","2023-11-15 00:00",[560],{"slug":561,"name":562},"benchmark-week-2023","Benchmark Week 2023",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source 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":574,"content":575},"doc",[576,583,588,593,598,603,618,625,630,635,640,653,658],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"The US will need to work with its allies to develop a battery supply chain, especially in the midstream where China dominates, according to a State Department official. ","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"The US will work with its partners and allies to “diversify every node of every supply chain,” Chris Davy, acting deputy assistant secretary in the Bureau of Energy Resources at the US State Department, said during a keynote address at Benchmark Week. ",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"“Our strength comes from our alliances with like minded nations, we are stronger when we work together with our allies to tackle the massive challenges we face,” he said. “We can’t do it alone, and acting alone is not how we do business.” ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"The remarks come over a year after President Joe Biden’s Inflation Reduction Act caused considerable alarm amongst allied countries in Europe and elsewhere, due to the subsidies provided in the legislation, as well as the critical mineral requirements. ",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"Since then the US has sought to work with Europe to make European critical minerals eligible under the IRA, which currently requires they be extracted or processed in countries with free trade agreements with the US. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606,608,616],{"text":607,"type":582},"This week the US agreed to develop a ",{"text":609,"type":582,"marks":610},"“critical minerals action plan” with Indonesia",[611],{"type":612,"attrs":613},"link",{"href":614,"uuid":49,"anchor":49,"target":49,"linktype":615},"https://source.benchmarkminerals.com/article/us-and-indonesia-pave-way-for-critical-minerals-agreement","url",{"text":617,"type":582},", which could potentially allow more nickel from the Asian country to enter the US electric vehicle (EV) market. ",{"type":619,"attrs":620,"content":622},"heading",{"level":621,"textAlign":49},4,[623],{"text":624,"type":582},"IRA investment boom",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"Davy said the IRA had led to $142 billion in private investment announcements throughout the EV and battery manufacturing supply chains. ",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"“Our recent estimate predicts that public and private investment in the US clean energy and semiconductor sectors will top a staggering $3.5 trillion over the next decade,” Davy said.",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"President Biden’s administration has set a goal for 50% of all new cars sold by 2030 to be electric, which will require scaling up supply of critical minerals including lithium, nickel and graphite. ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643,645,651],{"text":644,"type":582},"North America is set to produce a less than 3% share of global lithium raw materials in 2023, while it will account for over a 15% share of global battery-related lithium demand, according to ",{"text":646,"type":582,"marks":647},"Benchmark’s Lithium Fo",[648],{"type":612,"attrs":649},{"href":650,"uuid":49,"anchor":49,"target":49,"linktype":615},"https://www.benchmarkminerals.com/forecasts/lithium/",{"text":652,"type":582},"recast.",{"type":577,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":582},"As the need for more critical minerals to power the energy transition increases, Davy said the challenges for the US include increasing supply, improving environmental and social sustainability, and reforming permitting. ",{"type":577,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":582},"“We recognise that our competition has built up a significant advantage in controlling critical inputs and dominating supply chains, making it difficult for US companies to compete,” he said. “But nothing is inevitable. The current state of play is not permanent. We are taking action.”","The US will need to work with its allies to develop a battery supply chain, especially in the midstream where China dominates, according to a State Department official. The US will work with its partners and allies to “diversify every node of every supply chain,” Chris Davy, acting deputy assistant secretary in the Bureau of […]",[665],{"slug":565,"name":566,"content":666},{"job_title":568,"image":667,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"25a049a3-7fe6-4eeb-b82b-8f1b58495889\", \"id\": \"\"}-->","article",[671,674],{"slug":672,"name":673},"critical-minerals","Critical Minerals",{"slug":675,"name":676},"geopolitics","Geopolitics","private",{"id":49,"alt":679,"name":679,"focus":679,"title":679,"source":679,"filename":680,"copyright":679,"fieldtype":681,"meta_data":682,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/be1eeae418/bm-davy-state-department.jpg","asset",{"alt":679,"title":679,"source":679,"copyright":679},"Nov 15, 2023","15th November 2023",[],[],1792773908076]