In order to accelerate the adoption of electric vehicles as part of their net zero commitments by 2050, governments are combining the stimulus of subsidies for clean technologies with prohibition of the sale and use of more polluting vehicles. In July 2021, the European Union proposed climate change legislation aimed at pushing it towards its goal of becoming carbon neutral by 2050. The proposals include effectively banning the sale of petrol and diesel powered cars by 2035. The UK is more ambitious, with the sale of pure combustion engine vehicles banned from 2030 and is expanding the area of the ultra-low emission zone around London on 25 October 2021.
With the ongoing investment and development of the electric vehicles market, the lithium market has very positive demand fundamentals, currently and on the foreseeable horizon, which bodes well for our investments in Sonora and Zinnwald projects.