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Electric vehicles can’t happen without lithium — and a lot of it. Lithium is a critical mineral in the batteries that power electric vehicles. The world will need to mine 42 times as much lithium as was mined in 2020 if we will meet the climate goals set by the Paris Agreement, according to the International Energy Agency. Existing mines and projects under construction will meet only half the demand for lithium in 2030, the agency said.

The United States has only one active lithium mine today. The country will need 500,000 metric tons of lithium carbonate equivalent by 2030, according to research by RK Equity, a New York firm that advises investors on lithium. The entire global lithium carbonate equivalent market last year was 325,000 metric tons, RK Equity partner Howard Klein told CNN Business.

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