{"id":46303,"date":"2022-07-15T14:33:19","date_gmt":"2022-07-15T18:33:19","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/race-to-net-zero-pressures-of-the-battery-boom-in-five-charts\/"},"modified":"2022-07-15T16:17:00","modified_gmt":"2022-07-15T20:17:00","slug":"race-to-net-zero-pressures-of-the-battery-boom-in-five-charts","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/race-to-net-zero-pressures-of-the-battery-boom-in-five-charts\/","title":{"rendered":"Race to net zero: Pressures of the battery boom in five charts"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a007bc107c03]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a007bc107c03'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Race to net zero: Pressures of the battery boom in five charts<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a007bc10d747'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>BloombergNEF<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">July 15, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a007bc10fcd5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This analysis is from BloombergNEF. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>Drivers around the world are feeling the strain of higher gasoline prices to fill up their cars. But metals could soon become the new oil in the road transport sector, underpinning the batteries that will power the electric vehicle revolution.<\/p>\n<p>As demand continues to grow, battery producers and automakers are scrambling to secure access to key metals such as lithium and nickel, battling high prices and tight supply.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Use Bloomberg commodities solutions to go beyond the status quo.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3798606640462213802\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/corporations\/commodities\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Here are five charts from BloombergNEF showing the pressures arising from the battery boom.<\/p>\n<h2>1. Soaring demand comes up against supply constraints<\/h2>\n<p>Total demand for battery metals is forecast to jump by 50% this year to 4.8 million metric tons, and race to over 17.5 million tons by the end of the decade. Demand for lithium is set to grow the fastest, surging more than sevenfold between 2021 and 2030.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"420\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Accelerating metal demands\" title=\"Screen-Shot-2022-07-15-at-12.45.39-PM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.45.39-PM.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The key question is whether there is sufficient supply to meet booming demand. Battery metals markets are expected to be tight in 2022 as rising demand coincides with inflationary pressures and supply chain constraints. Lithium, nickel and manganese could all see technical supply deficits this year, according to BNEF\u2019s latest\u00a0Battery Metals Outlook.<\/p>\n<p>Upstream mining capacity is limiting supply for lithium and nickel refineries, while manganese &#8212; which is used to make battery cathode precursors &#8212; faces challenges from underinvestment in downstream sulfate refining capacity.<\/p>\n<h2>2. Trouble ahead for lithium<\/h2>\n<p>Lithium, specifically lithium carbonate and lithium hydroxide, is a crucial ingredient in EV batteries, and the silvery-white metal has been getting increasingly expensive.<\/p>\n<p>\u201cLithium carbonate prices have risen from $5,000 per ton in July 2020 to about $70,000 per ton in July 2022,\u201d says\u00a0Kwasi Ampofo, head of metals and mining at BNEF. \u201cRapid growth in demand as supply stalls is the primary driver for the increase.\u201d<\/p>\n<p>Raw materials availability is the biggest constraint for the production of lithium carbonate and hydroxide, and the market could face a supply squeeze this year. While risk-adjusted capacity at the mine level is projected to reach around 673,000 tons of lithium carbonate equivalent (LCE) in 2022, demand is forecast to exceed 676,000 tons LCE. The lithium industry could struggle to meet growing demand from EVs unless new projects are ramped up quickly over the next two years.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"423\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Lithium market\" title=\"Screen-Shot-2022-07-15-at-12.47.17-PM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.47.17-PM.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>\u201cThis year, mined lithium from both spodumenes and brines is likely to trail demand as BNEF sees EV sales reaching record levels,\u201d says Ampofo. \u201cThis is likely to sustain the higher prices recorded in the first half of the year.\u201d<br \/>\nLithium has led an upward charge in battery metals prices, with nickel\u2019s recent ascent reflecting risks to supply from key producer Russia amid the war in Ukraine. Higher commodity costs could send the years-long trend of declining battery prices into reverse.<\/p>\n<h2>3. Higher battery costs could delay the tipping point for EVs<\/h2>\n<p>The battery is the most expensive component of an electric vehicle, meaning cheaper batteries are key to enabling the shift away from petrol and diesel cars. Battery prices have been falling as growing EV sales enable economies of scale and new cell chemistries improve energy density. While the rate of decline has slowed, prices are edging ever closer to the $100-per-kilowatt-hour mark at which EVs are expected to reach parity with internal combustion engine vehicles on an upfront cost basis.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"423\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Battery prices\" title=\"Screen-Shot-2022-07-15-at-12.48.28-PM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.48.28-PM.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>However, there could be a bump in the road this year. Amid rising raw material and component costs, battery prices could increase for the first time since at least 2010. BNEF forecasts the average battery price will\u00a0climb to $135 per kilowatt-hour\u00a0in 2022, some 2% higher than a year earlier. If inflationary pressures persist, this could delay the point at which EVs reach the $100-per-kilowatt-hour threshold by two years, to 2026.<\/p>\n<p>As costs go up and supply chain challenges continue, this has translated to\u00a0more expensive EVs\u00a0as automakers feel the squeeze. Among others,\u00a0Tesla,\u00a0Rivian\u00a0and\u00a0GM\u00a0have all increased the prices of their models this year.<\/p>\n<h2>4. Cheaper battery chemistries could become more popular<\/h2>\n<p>High commodity costs could spur car manufacturers to adjust their battery strategies and opt for cheaper compositions. One such avenue is to substitute cobalt with nickel.<\/p>\n<p>\u201cCobalt use in lithium-ion batteries has evolved over the last three years as a result of the higher prices recorded in 2018 and the ethical concerns automakers have around supply from artisanal miners in the Democratic Republic of Congo,\u201d says Ampofo. \u201cThese concerns have resulted in a shift to less cobalt-intensive battery chemistries, or those without cobalt.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"419\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Demand for cobalt\" title=\"Screen-Shot-2022-07-15-at-12.50.30-PM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.50.30-PM.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The switch to higher nickel content, as well as the rapid uptake of lithium iron phosphate cells, means less cobalt will be used in batteries than previously anticipated. BNEF\u2019s latest forecast is that cobalt demand will grow by 28% between now and the end of the decade to over 150,000 tons. However, this is less than half what was estimated back in 2019.<\/p>\n<h2>5. Efforts to build domestic supply chains won\u2019t eliminate dependence on China<\/h2>\n<p>As demand for EV batteries grows, countries are racing to become more self-sufficient and build their own domestic supply chains. China currently dominates the global battery industry, taking the top spot in BNEF\u2019s\u00a0Global Lithium-Ion Battery Supply Chain Ranking. It controls over 50% of battery-grade metals refining capacity across all key materials and Chinese companies have invested heavily in mining assets globally.<\/p>\n<p>China is also a battery manufacturing powerhouse, accounting for almost 75% of total commissioned capacity. Europe and the US are set to make inroads in the market.\u00a0Tom Jensen, chief executive officer of Norwegian battery startup\u00a0FREYR, told BNEF earlier this year that he sees Germany, Eastern Europe and the Nordics as the\u00a0likely regional hubs\u00a0in Europe. Indeed,\u00a0Volkswagen\u00a0just\u00a0broke ground\u00a0on a new battery plant in Germany as the \u201cstarting point for a global battery offensive.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"421\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"battery manufacturing capacity\" title=\"Screen-Shot-2022-07-15-at-12.52.10-PM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Screen-Shot-2022-07-15-at-12.52.10-PM.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Nonetheless, China is expected to remain in the driving seat, retaining a 69% share of global manufacturing capacity in 2025, according to BNEF.<\/p>\n<p><i><span style=\"font-weight: 400\">BloombergNEF (BNEF), Bloomberg\u2019s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. BNEF helps corporate strategy, finance and policy professionals navigate change and generate opportunities. 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