The Impact of Electric Vehicles on the Demand for Natural Resources

Abstract

Advancements in electric vehicle technology are shifting demand for raw materials, including lithium, cobalt, and nickel, which are primarily used in the manufacture of EV parts, particularly batteries. The adoption of EVs is significantly changing the demand for resources. As a result, this shift in demand impacts the environment and the overall social wellbeing of the people. The most affected group are those in the localities where these minerals are mined. The economy is also significantly impacted because this shift carries with it a wide range of challenges associated with the mining processes of these minerals. This dissertation explores the sustainability of the current extraction to outline potential solutions to the problem of resource scarcity. This is essential in the sense that it ensures sustainability. The findings demonstrate that, whereas the use of EVS has environmental advantages, it is not devoid of challenges which arise from the over-reliance on critical mineral resources, thus affecting sustainability and supply chain stability.