NICKEL-POWERED SUSTAINABILITY: REVOLUTIONIZING THE ENERGY ECONOMY THROUGH LITHIUM BATTERIES

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International Congress on Economics, Finance & Energy (EFE)
EFE2024 Book of Proceedings
NICKEL-POWERED SUSTAINABILITY: REVOLUTIONIZING THE ENERGY ECONOMY THROUGH LITHIUM BATTERIES

NICKEL-POWERED SUSTAINABILITY: REVOLUTIONIZING THE ENERGY ECONOMY THROUGH LITHIUM BATTERIES

Authors : Sıdıka Başçı, Kayla Shevadena

Pages : 180-191

View : 156 | Download : 8

Publication Date : 2024-12-25

Abstract :The world’s energy landscape is changing fast as global temperatures continue to rise, technological innovations like electric vehicles (EVs) are increasingly seen as a key to sustainability. EVs help reduce pollution, offer recyclable components, and promote environmental and energy sustainability through the use of lithium batteries. The rising demand for EVs in 2025 is expected to drive a significant increase in nickel prices—potentially up to 1000%—unveiling both economic opportunities and challenges for nickel-producing countries. The complementary relationship between batteries and nickel demand is estimated to increase the contribution to the GDP of nickel supplying countries. However, there is a notable disparity in the economic benefits between nations with large nickel reserves, such as Indonesia and Australia, and EV-manufacturing powerhouses like China. This underscores the urgent need for strategic policy reforms in nickel-supplying countries. This paper analyses the impact of the transition to lithium batteries on fossil energy sources and tries to find an answer to an important question “will the countries with the largest nickel stock become the new energy leaders”.
Keywords : Sustainability, Lithium Batteries, Energy, GDP

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