When it comes to America, it’s go big or go home. The country has always been known to do things just a little bit bigger, whether it be food, houses, markets, or vehicles. Now, the country’s biggest deposit is waking up, potentially delivering 13,700,700 tons of a crucial element that could change the future of the country forever. Not only will the economy get a significant boost, but the country will be one step closer to achieving the global mission of reaching net zero by 2050, potentially becoming a leader in the industry.
The global mission of net zero by 2050
The effects of climate change are real, which is why 196 alliances have implemented a legally binding international treaty on climate change. This treaty is known as the Paris Agreement, which was officially adopted at the 2015 United Nations Climate Change Conference in Paris. The purpose of the treaty is to restrain global warming to preferably under 1.5 degrees Celsius compared to before the Industrial Revolution.
To achieve the Paris Agreement’s purpose, the world has been gradually transitioning to alternatives to burning fossil fuels, such as renewable energy sources, to mitigate the effects of climate change. However, with the rapidly growing global population, adhering to the treaty while meeting the high energy demands is not as simple, especially with limited reserves. Thankfully, one mine in particular could reshape America’s future.
The mine that will reshape America’s future
According to Lifeboat Ventures, some of the challenges faced by renewable energy power grids include intermittency and variability. These power grids cannot simply be turned on and off, as in the case of traditional power grids, which is why efficient renewable energy storage plays a role. An open-pit mine is being developed in Humboldt County, Nevada, that could potentially be the answer to America’s future in supplying clean, sustainable energy, as well as the world’s.
This mine is the Thacker Pass mine, and the project will evolve around lithium. Managed by Lithium Americas, a Canada-based company, it reportedly has the biggest known lithium reserve in the US. According to Mining Technology, Thacker Pass has an estimated reserve of 13,700,000 tons. It will have an annual production capacity of 160,000 tons of battery-quality lithium carbonate (Li2CO3) annually.
The future will be so much greener
America and the world’s future will be so much greener, as lithium carbonate plays a crucial role in renewable energy storage. According to the Shanghai Metals Market, the demand to store surplus renewable power to stabilize grids is rapidly growing, thanks to the Paris Agreement. The energy-storage technology of choice will be lithium-ion batteries, as they have the following qualities:
- Long lifespan
- Higher energy density
- Zero emissions
An additional benefit of lithium is its role as an ideal energy storage for electric vehicles (EVs), which also helps contribute to lowering carbon emissions worldwide. According to the International Energy Agency (IEA), by 2030, the global demand for EVs will reach 40 million units annually. This will naturally boost the demand for lithium further, giving America a significant geopolitical advantage, all thanks to the Thacker Pass Lithium Project.
The lithium market is undergoing major changes driven by the green revolution and the general geopolitical environment. China has always been the forerunner in the green revolution, marking itself as the leader in both the production and deployment of renewable technologies. Now, there may be a significant power shift, giving America a renewed hope of coming out on top and beating its decade-long contender. Hopefully, the consequences of a possible geopolitical war do not affect the rest of the world as much, as life is already hard enough with the extremely high inflation rates and cost of living.
Disclaimer: Our coverage of events affecting companies is purely informative and descriptive. Under no circumstances does it seek to promote an opinion or create a trend, nor can it be taken as investment advice or a recommendation of any kind.